JUNE 3//BIS ORCHESTRATED RAID ON GOLD AND SILVER TODAY: GOLD DOWN $35.75 TO $1871.90//SILVER DOWN 71 CENTS TO $27.71//SMALL ADVANCE IN GOLD TONNAGE STANDING AT THE COMEX: 68.89 TONNES/STRONG ADVANCE IN SILVER TO 12.6 MILLION OZ//CORONAVIRUS UPDATES/VACCINE UPDATES//BIG STORY OF THE DAY: TONY FAUCI LIED TO CONGRESS AND TO THE WORLD ON THE ORIGINS OF THE VIRUS AND MANY OTHER ASPECTS!!//BIDEN INITIATES A BAN ON 59 CHINESE COMPANIES: NO AMERICAN IS ALLOWED BY BUY THEIR SHARES// GERMANY BLOCKS ALL AIR PASSAGES TO RUSSIA: THE THREATS HEIGHTEN//RUSSIAN SOVEREIGN WEALTH FUND DUMPS ALL USA ASSETS AND PROBABLY BUYS GOLD WITH IT//SWAMP STORIES FOR YOU TONIGHT//

 GOLD:$1871.90  DOWN $27.42   The quote is London spot price

Silver:$27.42  DOWN 71 CENTS   London spot price ( cash market)

 
 
 

Closing access prices:  London spot

i)Gold : $1870.70 LONDON SPOT  4:30 pm

ii)SILVER:  $27.43//LONDON SPOT  4:30 pm

 

PLATINUM AND PALLADIUM PRICES BY GOLD-EAGLE (MORE ACCURATE)

 

 

PLATINUM  $1163.10  DOWN $31.69

PALLADIUM: 2846.20 DOWN $20.29  PER OZ.

 

James McShirley on the pricing of gold eagles/and silver eagle

James Mc late this afternoon… May 3

Coin premiums to spot widening- Silver Eagles look like around 50%+ to spot. Gold Eagles +$170 to spot. How long can they keep this derivatives charade going?

Jim McShirley

May 5: Jim McShirley:

Meanwhile the separation between physical and spot continues to increase. Gold Eagles are now showing +$180 or more to spot on several popular sites. Silver Eagles are +$13 and up to spot. If you ignore the ticker going by on cable news gold is nearly $2k in the real world, silver $40. That’s still a pittance, but nothing like MSM is presenting to the public.

may 17  Jim McShirley

Forgot to mention the Gold Eagle physical to spot widened another $5 today, now around +$185 or more. Spot has practically become like the GLD, which is little more than a heavily-discounted tracker to the real stuff. Gold coins are indeed MUCH closer to all-time highs than the Crimex price. It will be interesting to see if this keeps blowing out until spot prices are meaningless.

May 19: James McShirley

Coin premiums to spot continue to widen. Gold Eagles blew out another $20 and are now +$200 and up to spot. Despite the futures selloff Silver Eagles are holding steady around $40 and up. Physical buying is belying the Crimex racket. 

may 28 James McShirley

Gold Eagle premiums to spot have further widened to +$225 and up. The U.S. Mint has essentially declared force majeure with silver coin production due to “global shortages.” Never mind LEGALLY the U.S. Mint should be in a bidding war to the moon if necessary to procure adequate silver supplies. That’s what is happening with lumber, and should be happening with silver as well. The mandatory lockdowns (the gold/silver suppression variety, not virus) are reaching extreme pressures. The days of both metals spinning in place all day are drawing to a close. The sound and fury of hyperinflation is becoming readily apparent to even the people who are drinking the MSM Kool- Aid. MOPE is lost, and the “inflation expectations” that the Fed SO cares about is soaring. It’s prime time, gold and silver time. Let ‘er rip.

James Mc

Editorial of The New York Sun | February 1, 2021

end

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COMEX DATA

JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

receiving today 315/1663

ISSUED: 0

EXCHANGE: COMEX
CONTRACT: JUNE 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,907.500000000 USD
INTENT DATE: 06/02/2021 DELIVERY DATE: 06/04/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 333
072 H GOLDMAN 463
099 H DB AG 197
118 H MACQUARIE FUT 59
323 H HSBC 116
435 H SCOTIA CAPITAL 77
523 H INTERACTIVE BRO 31
555 C BNP PARIBAS SEC 1000
555 H BNP PARIBAS SEC 96
624 H BOFA SECURITIES 87
657 C MORGAN STANLEY 315 6
657 H MORGAN STANLEY 33
661 C JP MORGAN 315
686 C STONEX FINANCIA 5
690 C ABN AMRO 1
709 C BARCLAYS 89
732 C RBC CAP MARKETS 1
737 C ADVANTAGE 11 31
800 C MAREX SPEC 4 8
905 C ADM 48
____________________________________________________________________________________________

TOTAL: 1,663 1,663
MONTH TO DATE: 18,526

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  JUNE. CONTRACT: 1663 NOTICE(S) FOR 166,300 OZ  (5.1726 tonnes)

TOTAL 0BER OF NOTICES FILED SO FAR:  18,526 NOTICES FOR 1,852600 OZ  (57.623 tonnes) 

SILVER//MAY CONTRACT

148 NOTICE(S) FILED TODAY FOR 740,000  OZ/

total number of notices filed so far this month 2424  :  for 12,120,000  oz

BITCOIN MORNING QUOTE  $38,918  UP 1018  DOLLARS 

BITCOIN AFTERNOON QUOTE.:$38,700 UP 800 DOLLARS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD DOWN $35.75 AND NO PHYSICAL TO BE FOUND ANYWHERE:

WITH ALL REFINER CLOSED//MEXICO ORDERING ALL MINES SHUT:   WHERE ARE THEY GETTING THE “PHYSICAL?:  A HUGE CHANGES IN GOLD INVENTORY AT THE GLD A PAPER WITHDRAWAL OF 4.08 TONNES FROM THE GLD..

 

WITH RESPECT TO GLD WITHDRAWALS:  (OVER THE PAST FEW MONTHS)

GOLD IS “RETURNED” TO THE BANK OF ENGLAND WHO ARE CALLING IN THEIR LEASES: THE GOLD NEVER LEAVES THE B OF ENGLAND IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

THIS IS A MASSIVE FRAUD!!

GLD  1041.75 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 71 CENTS

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.714 MILLION OZ INTO THE SLV//

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

THE SILVER WITHDRAWALS ARE ACTUALLY “RETURNED” TO JPM, AS JPMORGAN CALLS IN ITS LEASES WITH THE SLV FUND.  (THE STORY IS THE SAME AS THE BANK OF ENGLAND’S GOLD). THE SILVER NEVER LEAVES JPMORGAN’S VAULTS. THEY ARE CALLING IN THEIR LEASES FOR FEAR OF SOLVENCY ISSUES.

INVENTORY RESTS AT:

578.387  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 175.25 DOWN $3.52 OR  1.97%

XXXXXXXXXXXXX

SLV closing price NYSE 25.46 DOWN $0.69 OR 2.64%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A STRONG SIZED 2116 CONTRACTS FROM 182,312 UP TO 184,428, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE STRONG GAIN IN OI OCCURRED DESPITE OUR SMALL  $0.12 GAIN IN SILVER PRICING AT THE COMEX  ON WEDNESDAY. IT SEEMS THAT THE GAIN IN COMEX OI IS PRIMARILY DUE TO HUMONGOUS BANKER AND ALGO  SHORT COVERING AS OUR BANKER FRIENDS ARE GETTING QUITE SCARED OF BASEL III COMING JUNE 28/2021 !//STRONG REDDIT RAPTOR BUYING//.. COUPLED AGAINST A SMALL EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO  HAD ZERO LONG LIQUIDATION 

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN SILVER TODAY:   35 CONTRACTS.

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 380,, AS WE HAD THE FOLLOWING ISSUANCE:, JUNE: 0 JULY 380 AND SEPT 0 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 380 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON) AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS  BUT THEY HAVE NO CHOICE BUT TO ISSUE A FEW OF THEM! SILVER IS IN BACKWARDATION AND AS SUCH THE DANGER TO OUR BANKERS IS LONDONERS WILL PURCHASE CHEAPER FUTURES METAL OVER HERE AND THEN TAKE DELIVERY.

HISTORY OF SILVER OZ STANDING AT THE COMEX FOR THE PAST 33 MONTHS.

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

2020

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR 

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY***(5THHIGHEST RECORDED STANDING FOR SILVER)

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470  MILLION OZ FINAL STANDING IN JULY…RECORD HIGHEST EVER RECORDED

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400 MILLION OZ FINAL STANDING IN SEPT (3RD HIGHEST RECORDED STANDING)

8.900 MILLION OZ INITIALLY STANDING IN OCT.

3.950 MILLION OZ FINAL STANDING IN NOV.

46.685 MILLION OZ FINAL STANDING FOR DEC. (4TH HIGHEST RECORDED STANDING)

2021

60 MILLION FINAL STANDING FOR JAN 2021

12.020  MILLION OZ FINAL STANDING FOR FEB 2021

58.425 MILLION OZ FINAL STANDING FOR MARCH 2021//2ND HIGHEST EVER RECORDED

14.935 MILLION OZ FINAL STANDING FOR APRIL

36.365 MILLION OZ FINAL STANDING FOR MAY 

12.750 MILLION OZ INITIAL STANDING FOR JUNE

WEDNESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE
UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT ROSE BY $0.12).OUR OFFICIAL SECTOR/BANKERS WERE ALSO UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH TUESDAY’S TRADING.  WE HAD A STRONG GAIN OF 2496 CONTRACTS ON OUR TWO EXCHANGES.  THE GAIN WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING// WE ALSO HAD  ii) STRONG REDDIT RAPTOR BUYING//.    iii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A VERY STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 11.110 MILLION OZ FOLLOWED BY A HUGE QUEUE  JUMP OF 155,000 ON DAY 5 OF THE DELIVERY CYCLE, WITH 12.750 MILLION OZ NOW STANDING FOR DELIVERY//  v) STRONG COMEX OI GAIN /
.
YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

JUNE

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY /FOR MONTH OF  JUNE:

2157 CONTRACTS (FOR 4 TRADING DAY(S) TOTAL 2157 CONTRACTS) OR 10.785 MILLION OZ: (AVERAGE PER DAY: 592 CONTRACTS OR 1.776 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JUNE: 10.785  MILLION PAPER OZ HAVE MORPHED OVER TO LONDON

JAN EFP ACCUMULATION FINAL:  113.735 MILLION OZ

FEB EFP ACCUMULATION FINAL:   208.18 MILLION OZ (RAPIDLY INCREASING AGAIN)

MAR EFP ACCUMULATION SO FAR: : 103.450 MILLION OZ  (DRAMATICALLY SLOWING DOWN AGAIN//FEARS OF EFP CONTRACTS BEING EXERCISED FOR METAL)

APRIL: 84.730 MILLION OZ  (SILVER IS NOW IN SEVERE BACKWARDATION AND THUS DRAMATICALLY FEWER ISSUANCE OF EFP’S)

MAY: 137.83 MILLION OZ

JUNE:  10.785 MILLION OZ//

RESULT: WE HAD A STRONG INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2116, DESPITE  OUR SMALL  $0.12 GAIN IN SILVER PRICING AT THE COMEX ///WEDNESDAY .…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 380 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A VERY STRONG SIZED GAIN  OF 2496 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR SMALL $0.12 GAIN IN PRICE)//THE DOMINANT FEATURE TODAY// HUGE BANKER SHORTCOVERING/  AND A VERY STRONG INITIAL SILVER OZ STANDING FOR JUNE. (11.110 MILLION OZ FOLLOWED BY ANOTHER MASSIVE QUEUE JUMP OF 155,000 OZ AS THE NEW TOTAL OF SILVER STANDING REACHES 12.750 MILLION OZ. 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  380  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A STRONG SIZED INCREASE OF 2151 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.12 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $28.13//WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 148 NOTICES FILED TODAY FOR 740,000 OZ

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//TODAY’S RECORD OF 244,705 WAS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

AND YET, WITH THE SILVER IN BACKWARDATION (INDICATING SCARCITY), WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT)

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A GOOD SIZED SIZED 4138 CONTRACTS TO 4943,336 ,,AND CLOSER TO  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. 

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: 1441 CONTRACTS.

THE GOOD SIZED INCREASE IN COMEX OI CAME DESPITE OUR RISE IN PRICE  OF $4.85///COMEX GOLD TRADING//WEDNESDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE  ALSO HAD ZERO LONG LIQUIDATION AS, WE HAD A STRONG GAIN ON OUR TWO EXCHANGES OF 7474 CONTRACTS.  WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 69.73 TONNES. AFTER SOME MORPHING OF GOLD TO LONDON WE ARE NOW BACK TO QUEUE JUMPING AS 1400 OZ REFUSED TO MAKE THE JUMP OVER TO LONDON. 

NEW TOTAL OF GOLD TONNAGE STANDING FOR JUNE:  68.89 TONNES/

YET ALL OF..THIS HAPPENED WITH OUR RISE IN PRICE OF $4.85 WITH RESPECT TO WDNESDAY’S TRADING

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  0//

WE HAD  A STRONG SIZED GAIN OF 7474 OI CONTRACTS (27.7300 TONNES) ON OUR TWO EXCHANGES...

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3336 CONTRACTS:

CONTRACT  AND JUNE:  0; AUGUST: 3336  ALL OTHER MONTHS ZERO//TOTAL: 3336 The NEW COMEX OI for the gold complex rests at 493,336. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7474 CONTRACTS:  4138 CONTRACTS INCREASED AT THE COMEX AND 3336 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 7474 CONTRACTS OF 23.24 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3336) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI (4138 OI): TOTAL GAIN IN THE TWO EXCHANGES:  7474 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING/BIS MANIPULATION!, , AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JUNE AT 69.730 TONNES, BUT FOLLOWED BY A 1400 OZ QUEUE JUMP//NEW COMEX TOTALS 68.89 TONNES //3) ZERO LONG LIQUIDATION,  /// ;4) GOOD COMEX OIGAINS AND 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR GAIN IN GOLD PRICE TRADING WEDNESDAY//$4.85!!.

SPREADING OPERATIONS/NOW SWITCHING TO GOLD  (WE SWITCH OVER TO GOLD ON MAY  1)

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED IN GOLD  AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF JUNE.

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

 
 

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX SILVER OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF APRIL. HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF MAY FOR SILVER:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF MAY. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (MAY), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

 
 
 
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2021 INCLUDING TODAY

JUNE

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE : 9496, CONTRACTS OR 949,600 oz OR 29.53 TONNES (4 TRADING DAY(S) AND THUS AVERAGING: 2374 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 4 TRADING DAY(S) IN  TONNES: 29.530 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2020, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 29.530/3550 x 100% TONNES =0.83% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE:
 
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
 
FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..
 
 
MARCH:.   276.50 TONNES (STRONG AGAIN///IT SURPASSED JANUARY!!)

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      29.530 TONNES (NOW SLOWING DOWN AGAIN IN ISSUANCE)

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A STRONG SIZED 2116 CONTRACTS FROM 182,312 UP TO 184,428 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  

EFP ISSUANCE 380 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 JUNE: 0, JULY 380: ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  380 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 2116 CONTRACTS AND ADD TO THE 380 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A STRONG SIZED GAIN OF 2494 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 12.48 MILLION  OZ, OCCURRED WITH OUR $0.12 GAIN IN PRICE///

 

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL..THE EVIDENCE IS CLEAR: HUGE AMOUNTS OF PHYSICAL STANDING FOR BOTH  SILVER AND GOLD .

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Mark O’Byrne/zerohedge + OTHER COMMENTARIES

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 12.93 PTS OR 0.36%   //Hang Sang CLOSED DOWN 331.59 PTS OR 1.13%      /The Nikkei closed UP 111.97 pts or 0.46%  //Australia’s all ordinaires CLOSED UP 0.56%

/Chinese yuan (ONSHORE) closed DOWN AT 6.3903 /Oil UP TO 68.72 dollars per barrel for WTI and 71.19 for Brent. Stocks in Europe OPENED ALL RED   //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3903. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3887   : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 
 
 
 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

CHINA VS USA// vs EUROPE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 4138 CONTRACTS TO 493,336 MOVING FURTHER FROM  THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS COMEX INCREASE OCCURRED WITH OUR GAIN OF $4.85 IN GOLD PRICING WEDNESDAY’S COMEX TRADING. WE ALSO HAD A FAIR EFP ISSUANCE (3336 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH.

WE NORMALLY HAVE WITNESSED  EXCHANGE FOR PHYSICALS ISSUED BEING SMALL AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.  

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT   0

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE VERY ACTIVE DELIVERY MONTH OF JUNE..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3336 EFP CONTRACTS WERE ISSUED:  ;: , JUNE:  0 & JULY 0 & AUGUST: 3336 AND THEN DECEMBER:  0 CONTRACTS & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3336  CONTRACTS 

WHEN WE HAVE BACKWARDATION,  EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED  7474 TOTAL CONTRACTS IN THAT 3336 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED COMEX OI OF 4138 CONTRACTS. WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR JUNE   (68.89) WHICH FOLLOWED MAY (5.77 TONNES FOLLOWING  (95.331 TONNES) IN APRIL, WHICH FOLLOWED MARCH:  (30.205 TONNES) WHICH FOLLOWED FEB (113.424 TONNES)  WHICH FOLLOWED OUR STRONG LEVEL JAN 2021 GOLD . ((6.500 TONNES).  

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $4.85)., AND THEY WERE UNSUCCESSFUL IN FLEECIN ANY LONGS AS WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 8915 CONTRACTS. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 27.7300 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (68.89 TONNES)..I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE HUGE GAIN IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”.

THE BIS REMOVED 1441  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT. 

NET GAIN ON THE TWO EXCHANGES :: 8915 CONTRACTS OR  891,500 OZ OR  27.7300  TONNES

COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCT.
 
THUS IN GOLD WE HAVE THE FOLLOWING:  493,336 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.33 MILLION OZ/32,150 OZ PER TONNE =  1534 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1534/2200 OR 69.74% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:272,541contracts// volume / extremely fair /   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  174,911 contracts// –poor 

// //most of our traders have left for London

 

JUNE 3 /2021

 
INITIAL STANDINGS FOR JUNE COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
 
 
 
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposi1s to the Dealer Inventory in oz

32,118.849 oz

Brinks

999 kilobars

this exact entry has been used around 6 times this year.

this is a phony entry

Deposits to the Customer Inventory, in oz
nil OZ
 
HSBC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
1663  notice(s)
 
166300 OZ
(5.1726 TONNES
No of oz to be served (notices)
3624 contracts
 362,400oz)
 
11.270 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
18,526 notices
1,842,600 OZ
57.623 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 

We had 1 deposit into the dealer

I Into Brinks; 32,118.849 oz  (999 kilobars)
this exact entry has already been used 6 times or so this year by Brinks.
 
 
total deposit:  32,118.849 oz    
 
 
 

total dealer withdrawals: nil oz

we had 0 deposit into the customer account
 
 
 
TOTAL CUSTOMER DEPOSITS: nil  oz
 
 
 
 
 
 
We had 0 withdrawals….
 
 
 
 
 
 
total withdrawals nil oz
 
a net: .999 tonnes enters  the comex
albeit a phony entry 999 kilobars
 
 
 
 
 
 
 
 

We had  1  kilobar transactions (2 out of 3 transactions)

ADJUSTMENTS  2// customer  to  dealer

i)HSBC:  95.875  (

ii) dealer to customer account//Brinks

4051.026 oz (126 kilobars)

 
 
 
 
 
 
 
 

The front month of JUNE registered a total of 5287 CONTRACTS for a LOSS of 664 contracts. We had 678 notices filed on WEDNESDAY, so we GAINED 14  contracts or an additional 1400 oz)  will stand for delivery in this very active delivery month of June.  We will now have queue jumping the norm, from this day forth until the end of the month as bankers scrounge around for some gold to put out fires elsewhere.

.

 
 
 
 
JULY gained 126 CONTRACTS TO STAND AT 2477.
 
AUGUST gained A LARGE 3349 CONTRACTS DOWN TO 400,025. 
 

We had 1663 notice(s) filed today for 166,300  oz

FOR THE JUNE 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1663  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 315 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 925  notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the JUNE /2021. contract month, we take the total number of notices filed so far for the month (18,526) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE:  5287 CONTRACTS ) minus the number of notices served upon today1663 x 100 oz per contract equals 2,215,000 OZ OR 68.89 TONNES) the number of ounces standing in this active month of JUNE

thus the INITIAL standings for gold for the JUNE contract month:

No of notices filed so far (18,526) x 100 oz+  5287)  OI for the front month minus the number of notices served upon today (1663} x 100 oz} which equals 2,215,000 oz standing OR 68.89 TONNES in this  active delivery month of MAY.

We GAINED a GOOD 14 contracts or an additional 1400 oz will stand for metal over on this side of the pond.  The boys straightened out their mess yesterday and they are now clear to go to obtain whatever loose gold ounces that they can find. 
 
 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

447,898.216, oz NOW PLEDGED  march 5/2021/HSBC  13.93 TONNES

202,692.098 PLEDGED  MANFRA 6.30 TONNES

276,177.249, oz  JPM  8.59 TONNES

1,166,051.732 oz pledged June 12/2020 Brinks/36.26 TONNES

80,189,799, oz Pledged August 21/regular account 2.49 tonnes JPMORGAN

6,308.08 oz International Delaware:  .196 tonnes

192.906 oz Malca

total pledged gold:  2,172,929.094 oz                                     67.58 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 505.33 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 68.89 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,419,377.728 oz or 572.91 tonnes
 
 
total weight of pledged:  2,172,929.094 oz or 67.58 tonnes
 
thus:
 
registered gold that can be used to settle upon: 16,246,448.0 (505,33 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  16,246,448.0 (505.33 tonnes)
 
total eligible gold: 16,178,017.893 oz   (503.20 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 34,597,395.621 oz or 1,076.12 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  949.78 tonnes

end

I have compiled  data with respect to registered (or dealer) gold taken on first day notice for each of the past 24 months

The data begins on first day notice for the May month taken on the last day of July 2018. and it continues to present day.

I then took, how many deliveries were recorded by the CME for each and every month.  I also included for reference the price of gold on first day notice.

The first graph is a logarithmic  graph and the second graph, linear.

You can see the huge explosion of registered gold at the comex along with deliveries.

 
 
THE DATA AND GRAPHS:
 
 
 
 
 
 
 
END

 
 
JUNE 3/2021
 
 

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//June

June. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
505,227.04 oz
 
 
 
 
CNT
Manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
1,220,276.680 oz
 
 
 
 
 
 
 
 
 
 
CNT
HSBC
Manfra
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
148
 
CONTRACT(S)
(740,000 OZ)
 
No of oz to be served (notices)
126 contracts
 (630,000 oz)
Total monthly oz silver served (contracts)  2424 contracts

12,120,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 
We had 0 deposit into the dealer
 

total dealer deposits:   nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  3 deposit into customer account (ELIGIBLE ACCOUNT)

 
i) Into CNT:  600,249.320 oz
ii) Into HSBC;  40,115.910 oz
iii)Into Manfra: 579,911.450 oz
 
 
 
 
 
 
 

JPMorgan now has 187.007 million oz of  total silver inventory or 52.94% of all official comex silver. (186.9 million/353.2 million

total customer deposits today 1,220,276.680   oz

we had 2 withdrawals

i)Out of Manfra:  475,648.810

ii) Out of CNT:  29,578.240 oz

 
 
 
 
 

total withdrawals  505,227.04 pz   oz

 
 

adjustments// 1…Manfra

customer to dealer: 580,719.900 oz

 
 
 

Total dealer(registered) silver: 110.865 million oz

total registered and eligible silver:  353.2 million oz

a net 0.715 million oz ENTERS the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 
JUNE FELL IN CONTRACTS BY 69 CONTRACTS UP TO 273. WE HAD 100 NOTICES SERVED ON WEDNESDAY SO WE GAINED A HUGE 31 CONTRACTS OR 155,000 ADDITIONAL OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF JUNE AS QUEUE JUMPING BY OUR BANKERS RETURNED IN EARNEST (AFTER AN HIATUS OF A COUPLE OF MONTHS) LOOKING FOR SILVER METAL ON THIS SIDE OF THE POND.
 
 
 
 
 

July GAINED 74 contracts UP to 143,206 contracts

AUGUST GAINED ANOTHER 53 CONTRACTS TO STAND AT 64

SEPTEMBER GAINED 1915 CONTRACTS UP TO 21,857

 
No of notices filed today: 148 CONTRACTS for 740,000 oz
 

To calculate the number of silver ounces that will stand for delivery in JUNE. we take the total number of notices filed for the month so far at  2424 x 5,000 oz = 12,120,000 oz to which we add the difference between the open interest for the front month of JUNE (273) and the number of notices served upon today 148 x (5000 oz) equals the number of ounces standing.

Thus the JUNE standings for silver for the JUNE/2021 contract month: 2424 (notices served so far) x 5000 oz + OI for front month of JUNE (273)  – number of notices served upon today (148) x 5000 oz of silver standing for the Jan contract month .equals 12,750,000 oz. ..VERY STRONG FOR A NON ACTIVE JUNE MONTH. 

We gained 155,000 additional oz standing in June as they refused to morph into London based forwards.

 

TODAY’S ESTIMATED SILVER VOLUME  107,150 CONTRACTS // volume STRONG// 

FOR YESTERDAY 61,108  ,CONFIRMED VOLUME/  VERY WEAK//

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO -0.21% (JUNE 3/2021)

SILVER FUND POSITIVE TO NAV

No of unit of PSLV: 402,810,481

No of oz of physical silver held; MAY 24/2021  144,515.694 OZ

No. of oz of physical silver held:  Sept 20/20: 85,907.361

No of oz pf physical silver held: Dec 21/2019:  65,073.570 oz

During the past 8 months Sprott has added: 58,608.30 Oz 

So far this year: 53.8 million oz

2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.21% nav   (JUNE 3

/2021 )

3. SPROTT CEF .A   FUND (FORMERLY CENTRAL FUND OF CANADA)

NAV $20.29 TRADING $20.11//NEGATIVE 0.89

END

And now the Gold inventory at the GLD/(this vehicle is a fraud as there is no gold behind them!)

JUNE 3/WITH GOLD DOWN $35.75 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.08 TONNES FORM THE GLD.//INVENTORY RESTS AT 1041.75 TONNES

JUNE 2/WITH GOLD UP $4.85 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A DEPOSIT OF 2.62 TONNES OF PAPER GOLD INTO THE GLD///INVENTORY RESTS AT 1045.83 TONNES/

JUNE 1/WITH GOLD UP $0.10 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1043.21  TONNES

MAY 28/WITH GOLD UP $6.85 TODAY:A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/; A WITHDRAWAL OF .87 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 1043.21 TONNES

MAY 27/WITH GOLD DOWN $5.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1044.08 TONNES

MAY 26/WITH GOLD UP $4.45 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.04 TONNES FROM THE GLD//INVENTORY RESTS AT 1044.08 TONNES

MAY 25/WITH GOLD UP $13.25 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A DEPOSIT OF 2.30 TONNES INTO THE GLD///INVENTORY REST AT 1046.12 TONNES.

MAY 24/WITH GOLD UP $8.25 TODAY: NO CHANGES IN GOLD INVENTORY A THE GLD//INVENTORY RESTS AT 1042.92 TONNES

MAY 21/WITH GOLD DOWN $5.20 TODAY: TWO HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.82 TONNES OF GOLD INTO THE GLD AT 3 PM AND ANOTHER 5.83 TONNES ADDED AT 5.20 PM/INVENTORY RESTS AT 1042.92. TONNES

MAY 20/WITH GOLD UP 20 CENTS TODAY/A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 4.66 TONNES FROM THE GLD//INVENTORY RESTS AT 1031.27 TONNES

MAY 19/WITH GOLD UP $13.35 TODAY: NO CHANGES IN GOLD IVENTORY AT THE GLD//INVENTORY RESTS AT 1035.93 TONNES

MAY 18/WITH GOLD UP $.75 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A MASSIVE 7.57 TONNES OF GOLD ADDED TO THE GLD///INVENTORY RESTS AT 1035.93 TONNES

MAY 17  WITH GOLD UP $29.95 TODAY/// .. NO CHANGES IN GOLD INVENTORY AT THE GLD…INVENTORY RESTS AT 1028.36 TONNES

MAY 14  WITH GOLD UP $13.05… A BIG CHANGES IN GOLD INVENTORY AT THE GLD.//A DEPOSIT OF 3.21 TONNES INTO THE GLD//INVENTORY RESTS AT 1028.36 TONNES

MAY 12/WITH GOLD DOWN $12.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1025.15 TONNES

MAY 11/WITH GOLD DOWN $1.60 TODAY;  NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1025.15 TONNES

MAY 10/WITH GOLD UP $7.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/ A WITHDRAWAL OF 5.82 TONNES FROM THE GLD./INVENTORY RESTS AT 1025.15 TONNES.

MAY 7/WITH GOLD UP 20,70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.33 TONNES

MAY 6/WITH GOLD UP $15.10 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.13 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 1019.33 TONNES 

MAY 5/WITH GOLD UP $7.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1018.20

MAY 4/WITH GOLD DOWN $14.80 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.16 TONNES INTO THE GLD///INVENTORY RESTS AT 1018.20 TONNES.

MAY 3/WITH GOLD UP $23.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY REST AT 1017.04 TONNES./

APRIL 30/WITH GOLD UP $0.20 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 4.67 TONNES FROM THE GLD///INVENTORY RESTS AT 1017.04 TONNES.

APRIL 29//WITH GOLD DOWN $5.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1021.70 TONNES.

APRIL 28/WITHGOLD DOWN $4.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1021.70 TONNES.

APRIL 27/WITH GOLD DOWN $2.60 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1021.70 TONNES.

APRIL 26/WITH GOLD DOWN $1.80 TODAY;NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1021.70 TONNES

APRIL 23/WITH GOLD UP $3.40 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1021.70 TONNES

APRIL 22/WITH GOLD DOWN $11.30 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1021.70 TONNES

APRIL 21/WITH GOLD UP $14.41 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESSTS AT 1021.70 TONNES

APRIL 20/WITH GOLD UP $8.25 TODAY:A HUGE CHANGE IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.04 PAPER TONNES INTO THE GLD///INVENTORY RESTS AT 1021.70 TONNES

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

JUNE 3 / GLD INVENTORY 1041.75 tonnes

LAST;  1068 TRADING DAYS:   +116.88 TONNES HAVE BEEN ADDED THE GLD

LAST 968 TRADING DAYS// +  291.40 TONNES  HAVE NOW  BEEN ADDED INTO  THE GLD INVENTORY

end

Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them!)

JUNE 3/WITH SILVER DOWN 71 CENTS TODAY//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 1.714 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 578.387 MILLION OZ

JUNE 2/WITH SILVER UP  12 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 576.673 MILION OZ.

JUNE 1//WITH SILVER UP 10 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.673 MILLION OZ/

MAY 28/WITH SILVER UP 8 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.673 MILLION OZ/

MAY 27/WITH SILVER UP 3 CENTS TODAY//NO CHANGES IN SILVER INVENTORY AT THE SLV..INVENTORY RESTS AT 576.673 MILLION OZ.

MAY 26/WITH SILVER DOWN 15 CENTS TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.673 MILLION OZ/

MAY 25/WITH SILVER UP 16 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A PAPER DEPOSIT OF 1.855 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 576.673 MILLION OZ/

MAY 24/WITH SILVER UP 25 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.855 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 574.818 MILLION OZ//

MAY 21.WITH SILVER DOWN 51 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.299 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 572.963 MILLION OZ/

MAY 20/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 571.664 MILLION OZ//

MAY 19/WITH SILVER DOWN 32 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 571.664 MILLION OZ/

MAY 18/WITH SILVER UP 09 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 7.884 MILLION OZ INTO THE SLV.//INVENTORY RESTS AT 571.664 MILLION OZ..

MAY 17 WITH SILVER UP 88 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//..INVENTORY RESTS AT 565.820 MILLION OZ

MAY 14 WITH SILVER UP 28 CENTS TODAY: A HUGE GAIN OF 1.949 MILLION OZ INTO THE SLV….INVENTORY RESTS AT 565.820 MILLION OZ

MAY 12/WITH SILVER DOWN 39 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A PAPER WITHDRAWAL OF 1.67 MILLION OZ /INVENTORY RESTS AT 563.871 MILLION OZ//

MAY  11/WITH SILVER UP 17 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.206 MILLION OZ DESPITE THE PRICE RISE//INVENTORY RESTS AT 565.541 MILLION OZ//

MAY 10.WITH SILVER UP 2 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.81 MILLION OZ FORM THE SLV/INVENTORY RESTS AT 566.747 MILLION OZ//

MAY 7/WITH SILVER UP 2 CENTS TODAY: NO  CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 566.577 MILLION OZ

MAY 6/WITH SILVER UP 90 CENTS TODAY: TWO CHANGES IN SILVER INVENTORY AT THE SLV//:1. A WITHDRAWAL OF  FROM THE SLV RECORDED AT 2 PM AND THEN 2. A HUGE DEPOSIT OF 1.31 MILLION OZ INTO THE SLV RECORDED AT 5;20 PM.//INVENTORY RESTS AT 568.577 MILLION OZ//

MAY 5/WITH SILVER UP ONE CENT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ//

MAY 4/WITH SILVER DOWN 40 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ//

MAY 3/WITH SILVER UP 99 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 567.481 MILLION OZ

APRIL 30//WITH SILVER DOWN 16 CENTS TODAY; No CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ//

APRIL 29/WITH SILVER DOWN 2 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ..

APRIL 28/WITH SILVER DOWN 31 CENTS TODAY:: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.206 MILLION OZ FORM THE SLV////INVENTORY RESTS AT 567.481 MILLION OZ//

APRIL 27./WITH SILVER UP 20 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 568.687 MILLION OZ//

APRIL 26/  WITH SILVER UP 10 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.260 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 568.687

APRIL 23/WITH SILVER DOWN 10 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 278,000 OZ INTO THE SLV.///INVENTORY RESTS AT 569.847 MLLION OZ/

APRIL 22/WITH SILVER DOWN 34 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A MASSIVE WITHDRAWAL OF 3.619 MILLION OZ//INVENTORY REST AT 569.569 MILLION OZ..

APRIL 21/WITH SILVER UP 72 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 573.188 MILLION OZ//

APRIL 20/WITH SILVER UP 1 CENT TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.114 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 573.188 MILLION OZ.

XXXXXXXXXXXXXX

SLV INVENTORY RESTS TONIGHT AT

JUNE 3/2021
578.387 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff

Peter Schiff: Americans Are Worried About Inflation

 
THURSDAY, JUN 03, 2021 – 02:14 PM

Via SchiffGold.com,

If you’ve been to the grocery store, or the gas station, or the building supply store, you know we have an inflation problem. Last month’s hotter than expected CPI confirmed what we already intuitively know. But the folks over at the Federal Reserve continue to tell us there’s nothing to worry about. They insist inflation is transitory.

Their reassurances notwithstanding, people are worried. Searches for the word “inflation” hit an all-time high on Google trends in May. In this clip from a recent podcast, Peter Schiff talked about the growing public worry about inflation and why the Fed’s response is bogus.

According to Google Trends, searches for the word “inflation” hit the highest level since 2004 between May 9 and May 15. That’s as far back as the data goes. Google charts trends numerically and during that time period interest in “inflation” went all the way up to 100.

If you look all the way from 2004 until the end of 2020, pretty much all the searches were pretty consistent at about 50. And now, in the beginning of 2021, is where we shot up from 50 all the way up to 100. So, something changed in 2021 that resulted in all these people all over the United States deciding independently that they were going to search inflation.”

So, why are they doing that?

Well, because they’re worried about it! If it was transitory, would they care? They care because it doesn’t seem like it’s transitory.”

On the other hand, the Federal Reserve continues to ignore the signs that inflation is here to stay and pretends it’s transitory.

We can’t just pretend and play make-believe and hope the problem goes away. Because they tried that with the mortgage problem. Even though it was obvious that subprime was the tip of a huge iceberg, the Fed kept saying, ‘Don’t worry. It’s contained,’ because they were hoping that if they denied the problem, maybe it would go away. Well, they’re doing the same thing again with inflation. They’re telling all the people who are so worried about inflation, ‘Hey, don’t worry about it because it’s just transitory.’ Well, it’s as transitory as subprime was contained.”

In fact, the Fed is driving inflation through its monetary policy and debt monetization.

Through the first 7 months of fiscal 2021, the US government collected about $2.1 trillion in taxes but spent about $4.1 trillion.

That means $2 trillion was borrowed and basically funded by the Federal Reserve. And these are the official numbers. The unofficial numbers are even worse.”

And consider this: the deficit through the first 7 months of 2021 is higher than the first 7 months of 2020, which included the depth of the COVID recession.

The government is spending even more money and running even bigger deficits now, when the economy is supposedly in recovery, than it was when it was still in recession, which again proves that there isn’t a recovery at all. It’s phony. The only reason the economy looks like it’s recovering is because the Fed is printing all this money to artificially stimulate it. But the way you see the truth is to look at the increase in prices that the Fed is still denying exist. They don’t want to acknowledge that inflation is not transitory because then they have to acknowledge that it’s the recovery that’s transitory because it doesn’t actually exist and inflation is going to kill it.”

This puts the Fed in an awkward position. Typically, the cure for a recession is inflation. But how can the Fed cure a recession caused by inflation by creating more inflation?

The hair of the dog that bit you isn’t going to work. It’s just going to make the economy sicker.”

END

OR

EGON VON GREYERZ//MATHEW PEIPENBURG

 

OR

END

 
PAM AND RUSS MARTENS

Wall Street On Parade

-END-

Lawrie Williams

or

end

ii) Important gold commentaries courtesy of GATA/Chris Powell

We have been highlighting to you the USA money market being broken with O/N reverse repo rates in the negative.  That is you pay to borrow your money into this money. Money market rates are now close to negative!!

(London’s Financial Times/GATA)

U.S. money market funds struggle as short-term rates near negative territory

 

 

 Section: Daily Dispatches

By Colby Smith and Joe Rennison
Financial Times, London
Wednesday, June 2, 2021

A sector of the U.S. finance industry that looks after $4 trillion of savings for individuals and businesses has come under severe strain as U.S. markets flirt with negative interest rates.

Money market funds investing in short-term government debt have taken in hundreds of billions of dollars of new money from savers in recent months. But there is stiff competition to tap a dwindling supply of low-risk assets that generate positive returns.

The result has been a squeeze that has driven the yields on some debt below zero, rendering swaths of the industry unprofitable and setting up a challenge for the Federal Reserve, which analysts say may have to weigh in to keep U.S. interest rates positive.

If government money market funds have to keep investing at zero percent, the economics of the industry “breaks down,” said Christopher Tufts, global head of portfolio management for JPMorgan Asset Management’s money market business. “I wouldn’t be surprised if funds start to limit investor subscriptions or close outright” to new money. 

“It’s definitely not a pleasant place to operate at this red-hot moment,” said Deborah Cunningham, chief investment officer of global liquidity markets at Federated Hermes, one of the world’s largest money market fund managers. “There’s really not much value anywhere.” …

… For the remainder of the report:

https://www.ft.com/content/0cff3e60-6591-493c-b85e-2d37d46f47a0

* * *

END

Stupid:  USA Mint claims that silver shortage is only for blanks.

(GATA)

U.S. Mint says silver shortage is only for ‘blanks,’ as if all forms of silver aren’t fungible

 

 

 Section: Daily Dispatches

9:38p ET Wednesday, June 2, 2021

Dear Friend of GATA and Gold:

The U.S. Mint today issued to its customers what it called a “clarification” regarding its May 28 statement —

https://gata.org/node/21191

— citing a “global silver shortage” as the cause of the mint’s suspending orders for new silver coins.

But today’s statement was more like an obfuscation than a clarification.

In its statement today the mint said the shortage it cited May 28 “pertains only to the supply of silver blanks among suppliers to the U.S. Mint.”

This is ridiculous since silver is as fungible as other forms of money and, with a little melting, pouring, and recasting, one form of silver can be turned into another form.

That is, silver for blanks can be obtained even today if the mint wants to go into the market, bid high enough for silver in any form, and have it recast into the forms required by the mint’s new coins. After all, thousands of silver bugs have plenty of metal and are egaer to sell it — at much higher prices.

Of course such an effort by the mint to obtain the silver it needs to stay in business might drive up the worldwide price of the metal, which already seems to be in tight supply, and driving up the price of silver seems to be something that the mint, a division of the U.S. Treaury Department, doesn’t want to do. 

Indeed, it looks like the mint caught some flak from the people upstairs at the Treasury for acknowledging that silver may not grow on trees or inside the computer terminals installed at bullion banks.

The mint’s statement is appended.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

END

Interesting: now India is getting ready to set up spot contracts for gold

Bloomberg/GATA

India’s gold revamp pushes on as spot trading draws closer

 

 

 Section: Daily Dispatches

By Swansy Afonso and Ranjeetha Pakiam
Bloomberg News
Thursday, June 3, 2021

India is moving closer toward setting up spot contracts for gold, finalizing rules for trading and providing the world’s second-biggest consumer a firmer grasp over setting the price of bullion.

The gifting of gold at weddings and festivals, and its purchase as a store of value are deeply held traditions in India, and the country has been trying to overhaul its fragmented gems and jewelry industry to make supply more transparent, help enforce purity standards and bolster confidence among consumers.

The Securities and Exchange Board of India, the regulator appointed by the government, has proposed a new framework laying out the role of spot exchanges, assayers, vaults and traders and the policy is open for public feedback till June 18.

While there is no official deadline for the final rules, the industry’s expectations are that they will be firmed up by September, according to Shekhar Bhandari, the Mumbai-based president and business head of global transaction banking at Kotak Mahindra Bank Ltd. The Indian gold industry is also banking on spot trading to provide it a greater say in pricing, much like biggest consumer China. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-06-03/india-s-gold-revamp-pushes-on-as-spot-trading-inches-closer

END 

Other gold/silver related stories

Bill Holter….

THE WHOLE WORLD LIVES UNDER THE SWAY OF THE WICKED ONE – BILL HOLTER

 

end

CRYPTO CURRENCIES

I have now seen just about everything!

(zerohedge)

“Make Money While Parked” – Canada’s Daymak Unveils World’s First Crypto-Mining EV

 
THURSDAY, JUN 03, 2021 – 01:40 PM

Daymak Inc, a Canadian electric vehicle manufacturer, has debuted a three-wheel EV resembling a spaceship that includes cryptocurrency mining technology that allows the vehicle to mine while parked. 

Here’s the head-turning section of Daymak’s latest press release, explaining its upcoming Spiritus electric car would be capable of mining cryptocurrencies while parked.

Effective today, Daymak is accepting Spiritus pre-order payments in a multitude of cryptocurrencies including Doge, Ethereum, Cardano, and Bitcoin, making it one of the first LEV manufacturers to do so.

Every Spiritus vehicle will be a node on the Blockchain, and will include Daymak Nebula Miner and Nebula Wallet.

Daymak Nebula technology makes Daymak Spiritus the first car in history with mining hardware and cryptocurrency technology programmed into the user interface.

As an emission-free daily driver with solar charging capabilities, Nebula infrastructure turns Daymak’s Spiritus vehicles into environmentally-friendly crypto miner nodes, which is an unprecedented milestone in the rapid evolution of blockchain technologies.

The software that controls the mining is called Daymak Nebula, and this allows the vehicle to make the operator money while not being used, theoretically making the operator enough money to cover charging costs, tolls, and or even possibly covering some of the monthly car payment. So far, the vehicle appears to only be in render format. However, the company said Spiritus and the Avvenire Series would launch in 2023. 

“The Spiritus car is for those who want more in life, and we are committed to putting our customers ahead of the curve. We envision a future where your highway tolls, your parking, and your drive-thru order will be paid directly on the fly with crypto,” said Aldo Baiocchi, President of Daymak.

“Your online bills and your banking can be handled through the same software platform paid in crypto. And whereas most vehicles are depreciating while they sit in your garage, the Nebula Miner will make you money while your Spiritus is parked. The potential applications are limitless,” said Baiocchi. 

It’s only a matter of time before Elon Musk updates Tesla OS to mine Doge… 

Your early WEDNESDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/7 AM EST

i) Chinese yuan vs USA dollar/CLOSED DOWN at 6.3903 /

//OFFSHORE YUAN:  6.3887   /shanghai bourse CLOSED DOWN 12.93 PTS OR 0.36% 

HANG SANG CLOSED DOWN 331.59 PTS OR 1.13%  

2. Nikkei closed UP 111.97 PTS OR 0.39%

3. Europe stocks  ALL RED

USA dollar index  UP TO 90.03/Euro FALLS TO 1.2194

3b Japan 10 year bond yield: RISES TO. +.08700/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.77/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST ABOVE 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 68.72 and Brent: 71.19

3f Gold DOWN/JAPANESE Yen UP CHINESE YUAN:   ON -SHORE CLOSED DOWN DOWN/OFF- SHORE: DOWN

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.185%/Italian 10 Yr bond yield UP to 0.90% /SPAIN 10 YR BOND YIELD UP TO 0.47%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.09: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.81

3k Gold at $1905.90 silver at: 27.96   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  DOWN 5/100 in roubles/dollar) 73.19

3m oil into the 68 dollar handle for WTI and 71 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.77 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this morning .8991 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0962 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.185%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 1.596% early this morning. Thirty year rate at 2.279%

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

6.  TURKISH LIRA:  DOWN  TO 8.65.. DEADLY

Futures Dump As Meme Stock Mania Goes Into Overdrive

 
THURSDAY, JUN 03, 2021 – 08:06 AM

Futures were already looking a shaky when they took a hit lower after news that Russia would cut the dollar from its sovereign wealth fund, shifting to euros, yuan and gold instead in an attempt to reduce exposure to U.S. assets amid threats of sanctions.  . They then slumped even more on the perfectly predictable news that AMC would offer 11.55mm shares in an At The Market offering, with the Emini sliding 0.6% to 4,175 after trading around 4,210 for much of the overnight session. Nasdaq futures were hit even harder, dropping 1% even though the broader risk-off mood did not help TSY yields which rose modestly, while the dollar barely dipped from its upward trajectory even as Bitcoin rose again, approaching $40,000.

Despite the hit to AMC following news of the equity offering, the stock still remains green on the day after soaring 95% the previous day, and although we saw a tremendous meme stock rally, it is now fading fast.

After our post that Workhorse was the most shorted Russell 2000 name, the company soared earlier in premarket trading, rising as much as 30%, the gain has now been cut to just 10%; another meme favorite stock BlackBerry was up 6.2%. Other meme stocks including Express -0.2%, Koss -12%, Bed Bath & Beyond -13% and PetMed Express -11% fell in premarket after climbing Wednesday. Some pot stocks also rise, including Tilray +6.8%, Sundial Growers +13% and Canopy Growth +0.8%.

“Frothiness it seems is there, particularly on the retail side, which may be part of the caution being seen in the wider stock market ahead of Non-farm Payrolls on Friday,” said Tapas Strickland, economist at National Australia Bank.

Here are all the notable premarket movers:

  • AMC Entertainment Holdings Inc. (AMC) erases its premarket rally and falls after the company said it plans to sell up to 11.55 million of its common stock to repay debt and finance future acquisitions.
  • C3.ai shares (AI) fall 10% in premarket trading on Thursday, after the artificial-intelligence software company reported fiscal fourth-quarter results and gave an outlook that failed to reassure analysts about its growth prospects.
  • Conn’s shares (CONN) climb in premarket trading after the specialty retailer reported adjusted earnings per share and net sales for the first quarter that beat the average analyst estimate.
  • GTT (GTT) soars in U.S. premarket trading, extending Wednesday’s 57% leap.
  • Medtronic (MDT) to Stop Distribution and Sale of HVAD System, according to a press release. Shares decline in early New York trading.
  • Splunk (SPLK) analysts remain largely cautious on the infrastructure software company after it gave an outlook for fiscal second-quarter annual recurring revenue that was below expectations. Several firms are lowering their price targets, and shares are down 5.1% in premarket trading.
  • Tilray (TLRY) rises in U.S. premarket trading after Cantor Fitzgerald upgraded the pot stock to overweight from neutral.

European stocks dipped 0.6%, and were trading at session lows. Here are the biggest movers:

  • Hiscox shares gain as much as 4.3% as the firm announces a reinsurance agreement with Enstar. The pact should be supportive of earnings stability, Morgan Stanley said in a note.
  • Saint- Gobain jumps as much 4% to the highest since January 2008 in Paris trading, after the building materials maker said operating margin in 1H 2021 should reach a record.
  • Nokia extends its winning streak to a third day, gaining as much as 3.9% to a four-month high, as good 1Q results plus signs of contract momentum imply the network equipment maker is at an inflection point, Liberum said, highlighting mobile networks in particular.
  • Pennon rises as much as 5.1%, hitting the highest since July 3, after the U.K. water-services firm announced a special dividend and the acquisition of Bristol Water.
  • SThree gains as much as 8.4% to the highest since July 2007 after the specialist staffer said it expects profit before tax for the year to be “materially above” market consensus. Liberum upgrades its estimates and PT, while keeping SThree as its top pick in the sector.
  • Remy Cointreau falls as much as 5.7%, after initially rising 4% to a record high, after the French distiller reported FY21 earnings that beat expectations, with analysts turning their attention to the likely negative FX impact in the current fiscal year.
  • B&M drops as much as 4.4% after the U.K. retailer reported FY results and said it is “well positioned to execute its strategic priorities for FY22.” The lack of clear guidance for FY22 suggests “weaker trading more recently,” according to Jefferies.
  • BT falls as much as 3.5%, biggest decliner in the Stoxx 600 Telecom Index, after Deutsche Bank downgrades to sell from hold, saying the stock’s reversal of fortunes has perhaps become “over-cooked.”

Asian shares traded mixed after President Joe Biden unveiled plans to amend a U.S. ban on investments in companies linked to the Chinese military, which may expand scrutiny to a wider set of enterprises. The MSCI Asia Pacific Index closed up 0.2% led by rallies in South Korea and Japan, but pared an advance of as much as 0.7% as Europe-based traders came online. Japanese shares extended recent gains, boosted by optimism over the nation’s vaccine rollout, while stocks in Vietnam also rallied. Korea’s equity benchmark closed shy of a record high amid buying by foreign investors. Gains have been driven by expectations that the country’s race to accelerate inoculations may lead to an easing of social-distancing rules in the fall, Huh Jae-Hwan, strategist at Eugene Investment & Securities said by phone. Chinese shares fell on President Joe Biden’s plans to amend a U.S. ban on investments in companies linked to China’s military. The broad Asia gains came as traders absorbed remarks from Philadelphia Fed President Patrick Harker, who said the U.S. central bank should begin discussing the time frame for paring back its bond-buying program. Investors are looking ahead to U.S. jobs data for cues on economic growth and price gains. BlackRock Inc. Chief Executive Officer Larry Fink said the potential for a spike in inflation may be underestimated. “A further tapering of initial jobless claims to another new pandemic-low may potentially drive sentiments toward the economic recovery theme,” continuing the trend over the past few weeks, Jun Rong Yeap, market strategist at IG Asia, said in a note. Thailand was closed for a holiday.

With global stocks trading in a tight range for the past month, investors have been looking for any signs that central banks may start to withdraw emergency support. While Fed officials have mainly stuck to the message that stimulus will remain in place, inflation is perking up, with global food prices surging to the highest in almost a decade. Friday’s payrolls data could add another twist to the debate in the wake of Harker’s remarks.

The various comments from officials help “the Fed to communicate early and communicate often so that the public gets so comfortable with the idea of tapering,” Kristina Hooper, Invesco chief global market strategist, said on Bloomberg Television.

In rates, Treasury futures were near bottom of daily range into early U.S. session with losses led by long-end of the curve, following a more aggressive bear-steepening move across gilts. Treasury 10-year yields around 1.60% are cheaper by 1.5bp vs Wednesday close while weakness in long end steepens 2s10s by more than 1bp, 5s30s by ~0.5bp; gilts lag, with U.K. 10-year cheaper by 1.2bp vs Treasuries and U.K. 30-year 3.2bp higher on the day. Cash volumes were robust during Asia session amid two-way regional flow. U.S. session features next week’s Treasury auction sizes at 11am ET as well as several Fed speakers and economic data releases.

In FX, moves in currency markets have been limited with the dollar index and other major pairs staying in tight ranges. The dollar index , which measures the greenback against a basket of major currencies, was flat at 89.899, not far from a five month trough of 89.535 touched last week. The Japanese yen was barely changed at 109.65 per dollar. The Canadian dollar and the Norwegian krona have outperformed over the past 24 hours on the back of higher oil prices. At the other end of the ladder, the New Zealand dollar was a laggard, down 0.2%. The Aussie was little changed at $0.7749.

In commodities, Brent rose 24 cents to settle at $71.59 a barrel, its highest since January 2020. U.S. West Texas Intermediate (WTI) crude rose 25 cents to $69.08 a barrel, its highest since October 2018. Elsewhere, Bitcoin traded at about $39,000, holding its advance this week after May’s cryptocurrency rout.

Looking at the day ahead, the main data highlight will be the release of the ISM services index for May, the weekly initial jobless claims, and the ADP’s report of private payrolls for May. Otherwise, central bank speakers include the Fed’s Quarles, Bostic, Kaplan and Harker, along with BoE Governor Bailey.

Market Snapshot

  • S&P 500 futures down 0.17% to 4,199.25
  • STOXX Europe 600 down 0.16% to 450.58
  • MXAP up 0.1% to 210.55
  • MXAPJ down 0.1% to 707.47
  • Nikkei up 0.4% to 29,058.11
  • Topix up 0.8% to 1,958.70
  • Hang Seng Index down 1.1% to 28,966.03
  • Shanghai Composite down 0.4% to 3,584.21
  • Sensex up 0.5% to 52,113.28
  • Australia S&P/ASX 200 up 0.6% to 7,260.15
  • Kospi up 0.7% to 3,247.43
  • Brent Futures up 0.25% to $71.53/bbl
  • Gold spot down 0.74% to $1,894.30
  • U.S. Dollar Index up 0.17% to 90.066
  • German 10Y yield rose 1.3bps to -0.185%
  • Euro down 0.16% to $1.2191

Top Overnight News from Bloomberg

  • Economists, blindsided by a major miss in April’s U.S. employment report, are now ready for any number of surprises. Estimates for May payrolls growth are wide-ranging — from 335,000 to 1 million, according to a Bloomberg survey
  • The EU passed 250 million vaccinations and is on track to reach its target of inoculating 70% of adults in July, according to European Commission President Ursula von der Leyen
  • President Joe Biden plans to amend a U.S. ban on investments in companies linked to China’s military this week, after the Trump-era policy was challenged in court and left investors confused about the extent of its reach to subsidiary firms, people familiar with the matter said
  • A United Nations gauge of world food costs climbed for a 12th straight month in May, its longest stretch in a decade. Higher food costs can accelerate broader inflation, complicating central banks efforts to provide more stimulus
  • The U.K. markets regulator says significant numbers of crypto firms are withdrawing applications to register with the watchdog after struggling to meet its anti-money laundering standards
  • Turkey’s consumer inflation rate snapped seven months of increases in May, slowing to 16.6% and making it harder for the central bank governor to keep resisting President Recep Tayyip Erdogan’s pressure to begin cutting interest rates
  • The yield on European CoCos has fallen to a record low, amid increased demand for the riskiest type of bank debt from investors seeking to beef up returns
  • Israeli opposition leader Yair Lapid succeeded in forming a coalition that is now set to end Prime Minister Benjamin Netanyahu’s record-long grip on power

Quick look at global markets courtesy of Newsquawk

Top Asian News

  • Singapore Finds 35 New Cases of Locally Transmitted Covid-19
  • India Orders 300 Million Doses of Vaccines After Court Rebuke
  • HSBC Hiring Fitch Asia Chairman Ginsburg as Top Asia Dealmaker
  • Biggest India Bank Torn Between BlackRock and Funding Coal

Europe sees another uninspiring session after picking up a mixed lead from the APAC region overnight, with a tentative tone felt across the market ahead of US ADP, IJC and ISM Services PMI and on the eve of NFP – with US equity futures also lacklustre in early European trade. Sectors are mixed with no overarching theme and with the breadth of the market also narrow. Basic resources narrowly underperform whilst Autos and Oil & Gas are among the better performers. Today’s action is primarily seen across individual stocks: Saint Gobain (+3.5%) is firmer after announcing that sales in April and May continued to show good trends, and operating income in H1 2021 exceeded the previous record set in H2 2020. Nokia (+3.2%) is coat-tailing on the meme stock frenzy which sees AMC Entertainment +20% premarket after closing higher by 95% yesterday. BMW (+1.7%) provides the Auto sector with some support amid reports to build 360k EV charging sites in China. Meanwhile, Orange (-0.70%) is pressured following an outage yesterday that left emergency services in limbo. BT (-2.8%) saw a broker downgrade at Deutsche Bank. BASF (-0.2%) failed to garner much traction from source reports that the Co. and its private equity partner CD&R are said to be mulling a USD 5bln sale or an IPO of their water treatment venture.

Top European News

  • EU Eyes First-of-a-Kind Border Levy in Climate Fight
  • EU Poised To Hit Belarus With Initial Sanctions This Week
  • Germany Failed to Slash City Pollution, EU Top Court Rules
  • Johnson’s U.K. Education Czar Quits Over Covid Catch-Up Plan

In FX, the more fundamentally based traders and analysts may put it down to pure coincidence, but those with heads in the charts will be aware that the DXY recently probed the 21 DMA (at 91.128 today) on return from another retreat through 90.000, while the Euro and Sterling also rebounded off the same support levels vs the Dollar on Wednesday when Eur/Usd and Cable hit lows of around 1.2164 and 1.4112 respectively. However, trade in the currency markets remains rather aimless and directionless overall, with a few notable exceptions, and others have also highlighted seasonal factors beyond the obvious tendency to keep positions relatively tight ahead of the monthly US jobs data tomorrow. One long standing client and well respected contact notes that a new moon arrives in the UK next Thursday and this has been known to align with a firm break outside of ranges that can be confined over mid-Summer in the Northern Hemisphere and Solstice on June 21. Only time will tell of course, but for now the techs, jobbers and short term proponents appear to be influencing price action as the index fades having failed to breach the aforementioned marker convincingly or yesterday’s intraday peak (90.247) within a 90.138-89.885 range, while Eur/Usd is straddling 1.2200 again and Cable is nudging up towards 1.4200 from just shy of 1.4150 at one stage. Ahead, a barrage of US releases and yet more Fed officials are slated to speak following in line or better than forecast Eurozone services and composite PMIs before decent upgrades to the final UK headline readings.

  • NZD/CAD/AUD – All on the back foot against their US counterpart, but keeping heads afloat of round and psychological numbers at 0.7200, 1.2100 and 0.7700 respectively, as the Kiwi extracts some underlying support from a considerably narrower than forecast 10 month rolling budget deficit, Loonie continues the be cushioned by firm crude prices and Aussie weighs up somewhat mixed trade internals, unrevised final retail sales and PM Morrison’s pledge to provide more COVID-19 fiscal aid.
  • CHF/JPY – The Franc and Yen are still tracking the Buck and fluctuations in bond yield differentials rather than the general tone of risk sentiment or Swiss and Japanese specifics, with the former anchored around 0.9000 and latter meandering between 109.85-52 having held above 110.00 and waning after multiple attempts to maintain 109.50+ momentum.

In commodities, WTI and Brent front month futures have given up the mild gains seen overnight to ultimately trade near the unchanged mark intraday, with the former under USD 69/bbl (vs high 69.40/bbl) and the latter dipping closer towards USD 71/bbl to the downside (vs high 71.99/bbl). News flow has been quiet throughout the European morning, albeit there were reports that the 220k BPD refinery in Tehran that caught on fire yesterday should resume operations later today, whilst other news vendors suggested that another tank exploded – with details still on the light side. Elsewhere, Russia’s Lukoil CEO said the Co. is interested in returning to Iran – comments that addressed analysts’ concerns about whether Iranian appetite remains among oil firms following the sanctions imposed by the former US President. On that note, US sources yesterday poured some cold water over the optimism expressed by the Iranian President – noting that “core differences still remain on important questions and that real gaps on all three main areas — nuclear, sanctions and above all sequencing — still need to be closed.” (via WSJ), as opposed to Rouhani’s remarks that critical issues with the US have been resolved. Nonetheless, talks resume on June 10th. Note, Russia’s Deputy PM Novak also hit the wires, but provided no fresh commentary on OPEC+ policy or the near-term oil outlook. Looking ahead, the oil complex will be eyeing overall sentiment amid a raft of Tier 1 US data whilst the weekly DoEs will be released later at 16:00BST/11:00EST – with headline crude seen drawing down by 2.4mln bbls following yesterday’s larger-than-expected Private inventory draw (-5.36mln vs exp -2.4mln). Elsewhere, precious metals remain pressured as the Dollar index briefly reclaims 90.00 and yields clamber off yesterday’s lows, with spot gold back under USD 1,900/oz (vs high 1,909/oz) and spot silver sub-28/oz (vs high 28.23/oz). Although spot gold saw some upside on reports that Russia will be dropping USD assets, but the yellow metal failed to reclaim USD 1,900/oz status. Meanwhile, LME copper holding onto its modest gains despite the cautious risk tone and firmer Buck, with some citing the red metal’s demand outlook as Automakers announce further entries into the EV and battery markets, whilst BHP’s Escondida strikes also provide some underlying support. Overnight, Dalian coke futures notched a three-week high amid dwindling supply and robust demand from mills.

US Event Calendar

  • 8:15am: May ADP Employment Change, est. 650,000, prior 742,000
  • 8:30am: May Initial Jobless Claims, est. 386,000, prior 406,000;
  • Continuing Claims, est. 3.61m, prior 3.64m
  • 8:30am: 1Q Unit Labor Costs, est. -0.4%, prior -0.3%;
  • 1Q Nonfarm Productivity, est. 5.5%, prior 5.4%
  • 9:45am: May Markit US Services PMI, est. 70.1, prior 70.1
  • 10am: May ISM Services Index, est. 63.2, prior 62.7

DB’s Jim Reid concludes the overnight wrap

Given it’s half-term in many places and markets have been in a tight range for a number of days, it doesn’t feel we are going to get much excitement until the all important payrolls release tomorrow. Don’t forget next week’s US CPI too. After last month that will be one of the most watched data prints of all time. So enjoy the next 30 hours of relative calm. While we wait, markets continue to eke out small gains though and by the close of trade yesterday, the MSCI World Index (+0.13%) and the STOXX 600 (+0.28%) had both inched up to new all-time highs, and the S&P 500 saw a modest +0.14% gain of its own. To reinforce the point about holding patterns, the S&P 500 has now moved by less than 0.25% either way for 6 successive sessions, which is the longest such run since December 2017. The index is hovering -0.67% away from its all time high and has been trading between 0 and -2% of that record closing level for the last 2 weeks. A remarkable stable range.

As we await payrolls and US CPI we do have some interesting data today, as we get the release of the services and composite PMIs from around the world, along with the ISM services index in the US. The flash numbers were pretty strong in both the US and Europe, with the US composite PMI at a record high of 68.1, while the Euro Area reading was at a 3-year high of 56.9. Overnight in Asia, we’ve already had some of the numbers, which showed improvements in Japan versus the flash readings with the services PMI printing at 46.5 (vs. 45.7 in flash) and the composite at 48.8 (vs. 48.1 in flash). China’s Caixin services PMI printed a touch softer than expectations though at 55.1 (vs. 56.2 expected) bringing the composite to 53.8 (vs. 54.7 last month).

Staying on the data theme, we’ll also get a couple of clues later on about the state of the US labour market. Firstly there’s the ADP’s report of private payrolls, where our US economists are expecting a +750k increase in May. Although the last ADP survey overestimated private payrolls by 524k, they think that it will likely anchor expectations going into tomorrow’s report, so worth keeping an eye on. Meanwhile there’s also the weekly initial jobless claims for the week through May 29, where our economists are expecting an increase to 435k after the previous week’s post-pandemic low of 406k, and there’ll also be focus on the employment components within the services ISM, after the manufacturing employment reading came in softer than expected.

Elsewhere in markets, sovereign bonds made gains yesterday on both sides of the Atlantic as immediate inflation concerns were becalmed even with higher commodity prices as we’ll see below. Yields on 10yr US Treasuries were down -1.9bps to 1.588%, with the bulk of the move driven by falling inflation expectations, and 10yr breakevens fell -1.8bps. Meanwhile in Europe, yields on bunds (-2.0bps), OATs (-1.8bps) and BTPs (-2.3bps) similarly moved lower. Nevertheless, an exception to this pattern of lower inflation expectations was in the UK, where 10yr breakevens were up +3.5bps to 3.63%, their highest level since 2008. And finally on the inflation theme, there were fresh moves higher for oil prices yesterday, with both Brent Crude (+1.57%) and WTI (1.64%) closing at new post-pandemic highs of $71.35/bbl and $68.83/bbl respectively. This led to energy stocks being among the best performers in equity markets on either side of the Atlantic as the pro-cyclical trade continues. As a lingering curiosity, some past Reddit favourites are again coming back in the spotlight with AMC Entertainment rising by +95% yesterday (+127% at the highs) to close at a record high of $62.55. I would never have guessed this story would have lasted as long as this when it broke several months ago.

Asian markets are mostly trading higher this morning outside of the Hang Seng (-0.40%) which is down. The Nikkei (+0.41%), Shanghai Comp (+0.38%) and Kospi (+0.96%) are all up. Futures on the S&P 500 are also up +0.08% while those on the Stoxx 50 are up +0.15%. Elsewhere, commodity prices are continuing to rise with oil prices up c. +0.60% this morning while DCE iron ore futures are up +3.16% and SHF steel rebar futures are up +1.52%.

Overnight, we have received some interesting US-China news with Bloomberg reporting that President Biden will amend a US ban on investments in companies linked to China’s military this week. Under the new amended order, the Treasury Department, instead of a congressionally-mandated Defense Department report, will create a list of companies that could face financial penalties for their connection to China’s defense and surveillance technology sectors.

Last night after US markets closed, the Federal Reserve announced it plans to sunset its pandemic corporate credit facility. The Fed will begin selling off its portfolio of corporate debt and ETFs over the next 6 months, beginning with ETFs and then progressing to bond holdings later on this summer. The Fed, through a spokesperson, made sure to note that this was not a signal of monetary policy and also highlighted that the facility has not made a purchase since the end of 2020. The New York Fed also said that additional details will be provided to market participants prior to any sales beginning.

Before that the Federal Reserve’s Beige Book showed the US economy growing at a “moderate pace” during the observation period of early-April to late-May. While this was the same wording from the previous 2-month assessment, the Fed added that the economic expansion was at “a somewhat faster rate than the prior reporting period.” The report showed that “overall price pressures increased further since the last report. Selling prices increased moderately, while input costs rose more briskly.” This matches what has been seen in commodity prices, other surveys, and what corporates were saying during this past earnings season. The report also indicated that final goods prices may increase in the coming months as it cited “strengthening demand…allowed some businesses, particularly manufacturers, builders, and transportation companies, to pass through much of the cost increases to their customers.” On the other side, the Fed also found contacts increasing wages in some industries, with wage growth increasing moderately as “a growing number of firms offered signing bonuses and increased starting wages to attract and retain workers.” Markets were largely unchanged following the release as much of this was known from various sources. It does highlight the issues the Fed will face going forward though.

On that front, Philadelphia Fed President Harker said that it “may be time to at least think about thinking about tapering our $120 billion in monthly Treasury bond and mortgage-backed securities purchases.” Though he emphasised it would be a gradual process, reiterating previous comments from Fed Chair Powell that the aftermath of the Financial Crisis would be the blueprint. Ahead of tomorrow’s payrolls, Governor Harker noted that he anticipates, “ the labor force returning to its prepandemic trend sometime next summer — it will be a while, in other words.” Despite some of the anecdotal evidence in the beige book, Federal Reserve Bank of Richmond President Barkin said yesterday, that the “data don’t yet show much rebound in overall wage growth.” He did say that he will be paying attention to whether wage pressures seen at the lower end of the pay scale start to appear higher.

In terms of the latest on the pandemic, there were a number of positive milestones reached in Europe, as 75% of the adult population in the UK have now received a first vaccine dose, while EU Commission President von der Leyen tweeted that they had passed the 250m vaccination mark, with the bloc on track to reach their goal of vaccinating 70% of the adult population in July. Furthermore, UK Prime Minister Johnson said that he could “see nothing in the data at the moment that means we cannot go ahead” with the planned “final” easing of restrictions on June 21. Having said that, reputable reports suggest the recent trend of new cases in England is indicating a case doubling time of 13 days as the Indian variant takes over. So it’s going to be a big battle in the next couple of weeks to see if all restrictions are lifted on June 21 in England. Across the other side of Atlantic, there were more signs of a return to normality as Apple’s CEO Tim Cook said that employees should begin returning to offices in early September for at least three days a week.

With 63% of the US adult population now having received at least one shot (52% fully vaccinated), President Biden has redoubled efforts to increase vaccination rates to reach 70% of all adults by the July 4th holiday. Measures to increase turnout include free child care during vaccination visits, extended pharmacy hours, and working with private industries on promotions. With the country’s domestic production outstripping demand, President Biden again affirmed his promise to export 80 million doses by the end of June on top of the doses that US-based pharmaceutical companies have already begun shipping.

There were a few data releases out of Europe yesterday, including Germany’s retail sales for April, which fell by a stronger-than-expected -5.5% (vs. -2.5% expected), and the UK’s mortgage approvals for April, which came in at 86.9k (vs. 81.0k expected). Finally, producer price inflation in the Euro Area for April rose to +7.6% as expected, its highest level since 2008.

To the day ahead now, and the main data highlight will be the release of the services and composite PMIs for May from around the world. Meanwhile from the US, there’s also the ISM services index for May, the weekly initial jobless claims, and the ADP’s report of private payrolls for May. Otherwise, central bank speakers include the Fed’s Quarles, Bostic, Kaplan and Harker, along with BoE Governor Bailey.

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 12.93 PTS OR 0.36%   //Hang Sang CLOSED DOWN 331.59 PTS OR 1.13%      /The Nikkei closed UP 111.97 pts or 0.46%  //Australia’s all ordinaires CLOSED UP 0.56%

/Chinese yuan (ONSHORE) closed DOWN AT 6.3903 /Oil UP TO 68.72 dollars per barrel for WTI and 71.19 for Brent. Stocks in Europe OPENED ALL RED   //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3903. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3887   : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING  WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/SOUTH KOREA

 

END

b) REPORT ON JAPAN

JAPAN

 

3 C CHINA

 
 
 
CHINA VS USA
 
China will not be happy.  They have invested heavily in Hunter Biden and that we go down the drain as Biden Sr bans investment in 59 Chinese companies including Huawei and China’s largest chipmaker
(zerohedge) 
 

Biden To Ban Investments In 59 Chinese Companies Including Huawei And China’s Largest Chipmaker

 
THURSDAY, JUN 03, 2021 – 01:53 PM

As we first previewed yesterday, President Biden on Thursday signed an executive order banning investments in 59 companies, including marquee Chinese groups such as Huawei, the telecoms equipment manufacturer, and Semiconductor Manufacturing International Corporation, China’s largest chipmaker, which US intelligence says is critical to the Chinese military. Other notable companies included are Aviation Industry Corporation of China, China National Offshore Oil Corporation, China Railway Construction Corporation, China National Nuclear Corporation, China Mobile, Zhonghang Electronic, Jiangxi Hongdu Aviation, as well as telecom giantsChina Mobile, China Telecom and China Unicom.

The executive order, which prohibits direct investment in both debt and equity securities, but also bans Americans from investing in funds that contain Chinese securities in their portfolios, is meant to stop US capital from being used by China to undermine national security.

The new treasury list, which supersedes an EO first signed by Trump, will replace the existing department of defense lists of companies with alleged ties to Chinese military, and is part of a broader series of steps by the administration to counter China. The order will amend the Trump order (and list) to make it broader and more legally defensible in court

The US Treasury will oversee enforcement of the list, which will be updated on a rolling basis with new companies.

As the FT adds, senior US officials said the ban would take effect on August 2. But investors can make trades during the next 12 months to divest their holdings. While Americans are not required to divest the securities, they will be unable to sell their holdings after the one-year period has elapsed.

“The new executive order signals the administration’s intent to sustain and build on prohibitions on Chinese defence companies in order to ensure that US persons are not financing the military industrial complex of the People’s Republic of China,” said one senior US official. “The prohibitions are intentionally targeted and scoped to maximise the impact on the targets while minimising harm to global markets.”

Biden’s order is an extension of a similar order signed late last year by Donald Trump which banned investments in companies that the Pentagon put on a list of groups with suspected links to the People’s Liberation Army. But the move caused confusion in financial markets because it came with little guidance about implementation. US courts also later ruled that the government had not provided sufficient evidence in some cases to justify putting a company on the target list.

The senior officials said Biden’s order would ensure that the investment ban was on stronger legal footing. They added that it would expand the Trump order to include surveillance companies, including Hikvision, that are accused of helping Beijing persecute more than 1m Muslim Uyghurs who have been held in detention camps in the northwestern region of Xinjiang.

Later on Thursday the Pentagon is expected to release an updated version of its list of Chinese companies with PLA connections, after Congress required the defence department to provide a new list each year. But the senior official said the Pentagon list would have no bearing on the investment ban outlined in the new executive order.

The official said the Pentagon list would give it “flexibility to message publicly to a wide range of stakeholders about companies that have a wide range of linkages to the different parts of the Chinese government”.

And now we wait for China’s response which will hardly be favorable as Beijing was confident that by “investing” in Hunter Biden, all such unpleasantries could be avoided.

 
 

end

CHINA/USA

end

4/EUROPEAN AFFAIRS

EUROPE/DEUTSCHE BANK

It is about time; Deutsche bank orders its bankers back to the office after Labour day

(zerohedge)

Deutsche Bank Orders Bankers Back To The Office After Labor Day

 
THURSDAY, JUN 03, 2021 – 09:05 AM

JP Morgan and Goldman Sachs were the first megabanks to recall their employees to the office (most of their full-time white-collar staff started back at the office a few weeks ago, though most are still working on a rotation). And although their European rivals have been much slower to follow suit, it appears Deutsche Bank, which employs 1,500 investment bankers in the US (mostly in NYC), has finally put its workers on notice.

According to an internal memo cited by the FT, Drew Goldman, Deutsche’s head of investment banking coverage and advisory, and James Davies, the head of US investment banking, have informed staff that all of the bank’s American teams should aim to resume working in the office no later than the Labor Day holiday on Sept. 6.

“If you are currently working remotely, please begin to plan accordingly with your team and manager to re-establish a presence in the office before or by that date,” Goldman and Davies wrote in the memo seen by the Financial Times.

Still, as the FT points out, Deutsche’s timetable is closer to the “gradual” approach favored by European banks than the accelerated approach favored by Wall Street. HSBC and SocGen are following a similar path.

That American banks are returning to the office more quickly than their European peers isn’t exactly a surprise. The US vaccination rate has far outpaced that of the EU.

Fortunately for DB’s back-office bankers, the memo outlines which type of employees will be required back at the office five days a week, and which will still be able to enjoy “a greater degree of freedom.”

So-called risk takers that invest the bank’s capital will probably return to Deutsche’s offices full-time, whereas “client-facing” staff will be permitted to work remotely about one day a week. Support staff also will be allowed to work remotely sometimes.

At least DB’s investment bankers will be coming back to some new digs: Deutsche Bank is relocating staff in New York to a 1m sq ft building at Columbus Circle, near Central Park, from its existing offices at 60 Wall Street.

 

end

EU/GERMANY/RUSSIA/BELARUS

Good reason for gold to drop today:  Germany blocks all inbound Russian flights in a huge escalation

(zerohedge)

Cold War Over EU Skies: Germany Blocks All Inbound Russian Flights In Huge Escalation

 
THURSDAY, JUN 03, 2021 – 04:15 AM

Here we go again in the latest tit-for-tat escalation following the May 23rd forced diversion of the Ryanair flight carrying anti-Lukashenko activist and journalist Roman Pratasevich by Belarus, who was subsequently arrested when the plane landed in Minsk: Russia and Germany have just denied each others’ airlines permission for incoming flights

AFP is confirming that “Germany has blocked flights operated by Russian airlines from arriving in its territory in tit-for-tat action after Moscow failed to provide authorizations for Lufthansa, the transport ministry said Wednesday, amid tensions over Belarus.”

Days ago Moscow had begun blocking European carriers which were actively avoiding Belarusian airspace, also as Russia’s former Soviet satellite state ally was targeted for expanded EU sanctions, including an imminent expected blacklisting of national carrier Belavia.

The Biden administration is also said to be drawing up a list of targeted sanctions, but for now it’s looking like a new Cold War over the skies of Europe is playing out, potentially severely disrupting popular international travel and transit routes and leading to a worsened diplomatic standoff.

Germany’s transport ministry said on Wednesday that it had denied three Russian Aeroflot flights access to its airspace and another four on Wednesday in response to prior Lufthansa flight cancelations that were the direct result of Russian policy:

“Due to the reciprocal practice, the Federal Aviation Authority also did not issue any further permits for flights operated by Russian airlines as long as authorizations are pending on the Russian side,” it added.

….”Once permits for Lufthansa flights are granted by the Russian site, the flights of Russian airlines will also be authorized,” added the German ministry.

Recall too that Air France flights had been impacted by lack of Russian flight path approval as early as a week ago after broad EU-wide avoidance of Belarusian airspace. The Kremlin had tried to downplay it at the time as vaguely based on “technical” reasons.

As the below comment from an Atlantic Council pundit reveals, the May 23 Ryanair incident is increasingly being blamed on Putin’s Russia, given his longtime support for the Belarusian strongman…

Further upping the ante, NATO Secretary General Jens Stoltenberg weighed in on Wednesday saying more punitive actions are on the table my the Western military alliance over what was widely condemned as Lukashenko’s authorized “state hijacking” of the Ryanair flight last month.

“I think the most important thing now is to make sure that those sanctions that are agreed are fully implemented,” he said in what’s looking to be a major coordinated sanctions avalanche involving the US, EU, and UK. “It has to be clear that when a regime like the regime in Minsk behaves in the way they did, violating basic international norms and rules, we will impose costs on them.”

END

UK

Leading UK Immunologist has advised the UK government to move on with reopening society warning the coronaviruses are here to stay.  However ivermectin will work against all variants

(Watson/SummitNews)

Leading UK Immunologist: “We Can’t Hide Down A Hole Every Time There’s A New Variant”

 
THURSDAY, JUN 03, 2021 – 05:00 AM

Authored by Steve Watson via Summit News,

A leading immunologist has advised the UK government to “move on” with reopening society, warning that coronavirus is “here to stay” and that it makes no sense trying to hide every time a new variant emerges.

The BBC reports the comments by Sir John Bell, a Chair of Medicine at the University of Oxford, member of the Office for Strategic Coordination of Health Research (OSCHR), and a leading member of the government’s vaccine taskforce.

In an interview with BBC Radio Four, Bell urged that “If we scamper down a rabbit hole every time we see a new variant, we’re going to spend a long time huddled away.”

Bell further asserted that the virus “is here to stay probably forever”, adding that there is a “need to get a bit of balance in the discussion.”

Bell said the government needs to focus on reducing “hospitalisations, serious disease and deaths” rather than the fruitless task of reducing cases through lockdowns and other restrictions.

The immunologist urged that the focus needs to be on the suppression of the virus “around the world because otherwise we’re just going to sit here and get slammed by repeated variants that come in the door.”

Bell noted that the UK’s “numbers don’t look too intimidating” and that he is “encouraged” by the fact that no new deaths were recorded Tuesday for the first time in over a year.

His comments come amid a rash of government advisors suggesting that the slated June 21 reopening of society should be delayed.

*  *  *

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

UKRAINE

the politics inside the Ukraine are getting more interesting considering the fact that Biden has a major interest in the country when he was VP and during the Trump administration.  To serve Biden’s wishes, Ukraine may have to attack Russian interests in the Don Bass and Crimea.

(South Front)

Ukraine Between Biden And A Hard Place

 
THURSDAY, JUN 03, 2021 – 02:00 AM

Submitted by South Front,

Joe Biden’s extensive interest in Ukraine during his tenure as Obama’s vice president meant that US attention towards the country would instantly be elevated once the new administration came into power. The Burisma scandal which implicated Hunter Biden and which became a problem for Joe Biden on the campaign trail, combined with Biden’s own apparent frailty and avoidance of extensive public engagements, have meant that Biden himself is in fact yet to have a telephone conversation with Zelensky. However, whether he deliberately chose to outsource Ukraine policy to his trusted advisors or they are taking initiative in order to fill the vacuum of power left by their boss’ incapacity, US Ukraine policy has taken a number of new twists and turns in the less than two months of the Biden Administration.

The Biden Administration’s actions so far indicate a certain degree of impatience with the goings-on in Kiev which is behaving in an all too independent fashion on many issues. Kiev’s decision to nationalize Motor Sich, an aircraft engine manufacturer whose purchase was sought by Chinese investors thus robbing Ukraine of a significant influx of badly needed hard currency, took place after Washington had expressed displeasure at Chinese companies’ foothold in Ukraine which moreover brings with it access to Soviet-era technologies attractive to China’s aerospace industries. This action was taken in spite of the considerable risk of Chinese retaliation, which indeed occurred in the form of China’s Foreign Ministry informing its Ukrainian counterpart that it would no longer respect their wishes concerning economic activities in the Crimea, something that Chinese firms have thus far shied away from. The US Embassy in Kiev’s instant endorsement of Zelensky’s shutdown of three opposition TV stations and the placement of sanctions, in violation of Ukraine’s own laws, on one of Ukraine’s opposition leaders Medvedchuk on the grounds that these were involved in spreading so-called “Russian disinformation” suggests that Washington was at the very least aware of the move and may even have prompted it. US sanctioning of Igor Kolomoysky on the basis of his corrupting Ukraine’s politics indicates that Zelensky had not gone far enough in fulfilling Washington’s wishes. In doing this Washington demonstrated it is willing to publicly humiliate Zelensky should he fail to display appropriate deference to their wishes. The question at this point becomes, in which direction will Washington push Zelensky? How far, what means will Washington use to get its way, and to what extent will Zelensky resist?

The greatest service that Ukraine could render Biden’s administration is to launch an all-out assault on Novorossia. A pitched battle between Ukrainian and DPR/LPR forces would instantly create the appropriate headlines and provide the necessary additional pretexts to condemn Russia and introduce more economic sanctions. It would then deliver the outcome that no amount of phony poisonings of Navalny could, namely the suspension or even shut-down of the Nord Stream 2 pipeline, which has become such a thorn in the side of the Anglo-Saxon powers. A major military campaign involving several brigades supported by airpower and the now-operational Bayraktar TB-2 drones in an effort to replicate Azerbaijan’s success against Armenia in Nagorno-Karabakh would place Moscow before the unenviable choice of abandoning the Donbass to its fate or committing its regular military forces to battle in Novorossia’s defense.

Whether Ukraine’s political leadership is willing to undertake such a desperate measure, in a country whose president suffers from a 20% approval rating and which has seen extensive protests against the recent sharp increase in utility costs, is another question. On the one hand, Ukrainian troop movements near the Donbass have generated considerable attention, and exchanges of fire between Ukrainian and Novorossian forces appear to have continued at an elevated pace over the past several weeks. At the same time, no extraordinary measures such as the recall of reservists or closure of borders in order to prevent military-age males from leaving the country have been observed. While Ukraine’s Rada is considering laws making draft evasion more harshly punishable, these laws will not have an immediate impact, and appear to be a reaction to the failure to build up a professional army of volunteers or even to give the draftees a positive reason to serve. It has even been pointed out that the Ukrainian troop movements have been so ostentatious and lacking in even elementary efforts to preserve concealment and surprise that they represent a “war of nerves”, an exercise in brinksmanship, and possibly an effort to simulate action for the benefit of Washington, rather than genuine preparations for an offensive. A train carrying a reinforced tank company that had been spotted slowly passing three different railroad crossings in eastern Ukraine over the course of several days looks much like an operation staged for the benefit of ubiquitous smart phone cameras.

Therefore the likelihood of the Ukrainian military opting for a large-scale offensive remains low due to the fear of heavy and pointless losses which might cause Ukraine’s military morale to collapse, with unpredictable consequences. Small-scale raids to capture select positions, shelling of Novorossia’s towns and cities, even a staged atrocity, remain more plausible and attractive from the political point of view. Ukraine’s most dangerous military capability is represented by Bayraktar drones, cruise missiles like the Neptun, and short-range ballistic missiles currently in service and being developed, because their use would not entail the danger of major Ukrainian personnel losses. Moreover, Novorossia’s forces would be hard pressed to retaliate in kind against such strikes and Russian efforts to do so would be highly provocative internationally and would carry the risk of causing Ukrainian civilian casualties. Fortunately for Novorossia, the drone park remains fairly small and the drones themselves are vulnerable to Novorossia’s air defenses, while the cruise and ballistic missiles are still years from large-scale operational deployment. The sort of missile bombardment that would represent a genuine threat to Novorossia’s unrecognized republics is still years away. By the time such a serious threat could materialize, Novorossia’s forces would likely have their own means of retaliation in the form of barrage munitions, also referred to as “suicide drones” that could be produced on the spot in Donetsk and Lugansk. However, Ukraine’s current capabilities are sufficient to launch provocations, including the bombardment of civilian targets as was the case in Mariupol in 2014.

That Ukraine’s military is unwilling to risk another misadventure against Novorossia is evident enough, as is Zelensky’s reluctance to go down in history as the president who destroyed Ukraine. These considerations are unlikely to be salient for decisionmakers in Washington, who need Ukraine to advance US interests and are rather less concerned about the US advancing Ukraine’s interests. But the lengths to which Washington is willing to go to pressure Zelensky are still unclear, though the possibility of outright blackmail raised its head when a prominent Maidan propagandist Dmitry Gordon announced that on March 15, the “Ides of March” immortalized by the assassination of Julius Caesar, Ukraine would face a trial of historic proportions once a certain bombshell news story was revealed. While March 15 came and went with no bombshells or even duds, Gordon did reveal that the event consisted of a Bellingcat “investigation” into the SBU plot to lure Wagner PMC contractors into Ukraine in order to have them put on trial. The “bombshell” aspect of the Bellingcat effort is that the plot failed because of a highly placed source in Zelensky’s own presidential cabinet, who leaked it to Russian intelligence services. Considering Bellingcat’s reputation as a firm which does info-warfare “hits” on designated targets and Gordon’s hyping of the potential impact of the film once it becomes public, one has to consider the possibility that Bellingcat is part of a campaign to blackmail or even oust Zelensky from office should he fail to satisfy Washington’s demands.

As noted previously, Zelensky has taken a dim view of Washington’s meddling in Ukraine’s affairs, though it remains to be seen whether he is able to stand up to even his own national security officials who ostensibly are subordinate to him but in reality take orders from Washington. Lacking the independent power base that allowed Poroshenko to resist Washington’s initiatives for “reforming” Ukraine’s economy, Zelensky may yet prove the ideal president from Washington’s perspective, if not Ukraine’s.

end

ISRAEL/
BIBI is not out with the new prime minister being Naftali Bennett, a very right wing hawk. Beleive it or not but the Islamist party is part of the coalition
(zerohedge)

Bibi Finally Out As “Change Coalition” Moves Fast On Knesset Approval

 
WEDNESDAY, JUN 02, 2021 – 06:06 PM

It’s official: just before midnight local time Israeli opposition leader Yair Lapid of Yesh Atid party notified President Reuven Rivlin that he’s successfully formed a power-sharing government, which means the country’s longest-serving prime minister, Benjamin Netanyahu, is out.

The 71-year-old Netanyahu has long been dubbed “the magician” by supporters for his history of being able to politically survive time and again against multiple near-misses. But as Axios notes, “But he’s not out quite yet” – and there’s still time to wreak havoc on Iran in a desperate bid to cancel the nuclear deal with world powers.

Prior Reuters file image: Benjamin Netanyahu (L) and Finance Minister Yair Lapid.

 Lapid’s coalition still has to survive a confidence vote in parliament, which would lead to Netanyahu being replaced initially by Naftali Bennet – himself a longtime Netanyahu protegee and close ally who Sunday night ‘flipped’ against the PM – earning him and his Yamina party condemnations of “traitor” from the right-wing

It all began with the Sunday night political shocker wherein Bennett surprised the world by announcing plans to align with Lapid to oust Netanyahu. Israeli politics have been gridlocked as Netanyahu managed to barely hold on as no unity government could be formed over no less than four elections in two years

Axios underscores it’s a “seismic event” for the region and for the world: “We are on the verge of a seismic event in Israeli politics, with Israel’s longest-serving prime minister and the man who has dominated the country’s politics and relations with the world for over a decade on the verge of being replaced,” Barak Ravid writes. 

Also of note in the impending unity government is that “The announcement was made possible by the unprecedented decision of the Islamist Ra’am party — which would be the first Arab party to enter an Israeli government — to unite with Bennett and Lapid.”

end

/RUSSIA/USA

Smart people:  Russia’s $186 billion sovereign wealth fund dumps all dollar assets. They know something;  June 28?(zerohedge)

Russia’s $186 Billion Sovereign Wealth Fund Dumps All Dollar Assets

 
THURSDAY, JUN 03, 2021 – 07:00 AM

Following a series of corporate cyberattacks that American intelligence agencies have blamed on Russian actors, Russia’s sovereign wealth fund (officially the National Wellbeing Fund) has decided to dump all of its dollars and dollar-denominated assets in favor of those denominated in euros, yuan – or simply buying precious metals like gold, which Russia’s central bank has increasingly favored for its own reserves.

Finance Minister Anton Siluanov

Finance Minister Anton Siluanov made the announcement Thursday morning at the annual St. Petersburg International Economic Forum.

“We can make this change rather quickly, within a month,” Siluanov told reporters Thursday.

He explained that the Kremlin is moving to reduce exposure to US assets as President Biden threatens more economic sanctions against Russia following the latest ransomware attacks. The transfer will affect $119 billion in liquid assets, Bloomberg reported, but the sales will largely be executed through the Russian Central bank and its massive reserves, limiting the market impact and reducing visibility on what exactly the sovereign wealth fund will be buying.

“The central bank can make these changes to the Wellbeing Fund without resorting to market operations,” said Sofya Donets, economist at Renaissance Capital in Moscow. “This in some sense a technical thing.”

Jordan Rochester, currency strategist at Nomura International PLC, said, “This is a transfer of euros from the central bank to the wealth fund, we’ll then see the central bank the holder of the USDs and it’s up to them to manage it. No initial market impact.”

The news isn’t a complete surprise: The Bank of Russia, Russia’s central bank, has steadily reduced its dollar holdings over the last few years amid increasing sanctions pressure from the US and Europe. That trend continued through President Trump’s term.

Just a few days ago, we reported that the Russian parliament had just authorized the sovereign wealth fund to buy gold through the central bank. However, the central bank reports its holdings with a six-month lag, making it impossible to determine its current holdings.

Russia’s gold holdings eclipsed its dollar reserves last year despite a halt in gold purchases. This was partly due to an increase in the value of its gold holdings with the rise in gold prices, and partly a function of the central bank’s continued efforts to shed dollar assets.

The wealth fund currently holds 35% of its liquid assets in dollars, worth about $41.5 billion, with the same amount in euros and the rest spread across yuan, gold, yen and pounds. After this latest change, the fund’s assets will be held 40% in euros, 30% in yuan, 20% in gold and 5% each in yen and pounds, Siluanov said.

Source: Bloomberg

The wealth fund holds savings from Russia’s oil revenues above a cutoff price and is used to help offset shortfalls when the market falls below that level. Together with illiquid assets, its total value is $185.9 billion.

A few years ago, Russian President Vladimir Putin warned that Washington was inadvertently accelerating de-dollarization with its aggressive financial sanctions, which were forcing its geopolitical adversaries to reduce their dependence on the greenback. Just last month, Russia reached a new milestone whereby fewer than 50% of its exports were paid for in dollars.

It appears that after years of steadily reducing its dependence on the dollar, Russia is about to intensify those efforts in a way that Washington will be forced to take notice.

end

ISRAEL//IRAN

Mossad Yossi Cohen is out and David Barnea is in.  Barnea threatens more assassinations and attacks inside Iran

(DeCamp/Antiwar.com)

Israel’s New Mossad Chief Threatens More Assassinations & Attacks Inside Iran

 
WEDNESDAY, JUN 02, 2021 – 06:05 PM

Authored by Dave DeCamp via AntiWar.com,

On Tuesday, the new head of Israel’s Mossad spy agency suggested more Israeli covert attacks and assassinations inside Iran should be expected even as the US and other world powers are negotiating a revival of the nuclear deal, known as the JCPOA.

The Iranian program will continue feeling Mossad’s might. We are well acquainted with the nuclear program and its various components, we know personally the factors that operate in it and also the forces that drive them,” David Barnea said at his swearing-in ceremony, as quoted by Israel’s Ynet.

Barnea said the JCPOA negotiations show that Israel might have to act alone against Iran. “The agreement with world powers that is taking shape only reinforces the sense of isolation in which we find ourselves on this issue,” he said. “I say it clearly — no, we do not intend to act according to the majority opinion since this majority will not bear the consequences for the erroneous assessment of this threat.”

Israel has a long history of covert attacks inside Iran. Most recently, Israel sabotaged Iran’s Natanz nuclear facility, causing an explosion. The attack took place in April when the US and Iran began indirect negotiations in Vienna to restore the JCPOA. Last November, Iranian scientist Mohsen Fakhrizadeh was gunned down in an apparent Israeli plot as tensions between the US and Iran were simmering in the final weeks of the Trump administration.

Yossi Cohen, Israel’s outgoing Mossad chief, also spoke on Tuesday and boasted about Israeli actions against Iran that took place under his watch. “We penetrated into the heart of hearts of the enemy Iran,” he said.

Meanwhile, Wednesday witnessed two major suspicious and mysterious mishaps

“We acted to constantly gather intelligence and uncover its secrets, and undermined its self-confidence and haughtiness,” Cohen added.

Israeli Prime Minister Benjamin Netanyahu chimed in at the ceremony and said he was willing to attack Iran’s nuclear program even if it risked “friction” with the US. “If we have to choose, I hope it doesn’t happen, between friction with our great friend the United States and eliminating the existential threat — eliminating the existential threat,” he said.

New Mossad chief David Barnea, (L) Prime Minister Benjamin Netanyahu (C) and outgoing Mossad chief Yossi Cohen.

The Israeli officials all claim Iran is moving quickly to develop a nuclear bomb. But if that were truly their concern, Israel would favor a revival of the JCPOA since it strictly limits Tehran’s nuclear program.

end

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//

The big story we brought to you yesterday.  Last night Tucker Carlson correctly attacked Fauci as a total liar as FOIA emails surfaced and connected all the dots. The virus came from the lab that Fauci funded. He knows everything about this virus and yet he told the world the opposite.  That is why you stay here and we will tell you the truth. Ivermectin will kill the virus and any and all variants

(zerohedge)

Robert to me on this subject:

 
 
“If you assume that now we are discovering the truth and that Fauci is a liar of the  worse order, then it stands to reason everything else the public has been told by him is suspect, if not a outright lie. This leads one to wonder why the big push on so called vaccines by companies granted  immunity from prosecution for damage they may cause.” 

Cheers

Robert

“That Was A Lie”: Tucker Carlson Levels Fauci After FOIA Emails Connect The Dots

 
WEDNESDAY, JUN 02, 2021 – 09:45 PM

Fox News’ Tucker Carlson ripped “the utter fraudulence of Tony Fauci” Wednesday night, after BuzzFeed and the Washington Post obtained thousands of pages of emails through a Freedom of Information Act (FOIA) request, revealing that the nation’s top virologist was telling the public one thing, while furiously working on damage control and narrative-shaping as the COVID-19 pandemic unfolded.

According to Carlson, Americans assumed “that the man in charge of protecting the US from COVID must be rational and impressive,” adding “We also assumed he must be honest. But we were wrong.

“It soon became clear that Tony Fauci was just another sleazy federal bureaucrat – deeply political and often dishonest. More shocking than that we then learned that Fauci himself was implicated in the very pandemic he’d been charged with fighting.”

Fauci supported the grotesque and dangerous experiments that appeared to have made COVID possible.” -Tucker Carlson

Fauci’s emails collectively show that “from the beginning, Tony Fauci was worried that the public might conclude COVID had originated at the Wuhan Institute of Virology.”

“Why would he be concerned that Americans would conclude that?” Tucker asked. “Possibly because Tony Fauci knew that he had funded gain-of-function experiments at that very same laboratory.

“The emails prove that Fauci lied about this under oath,” said Tucker, who highlighted an email from scientist Christian G. Anderson to Fauci, saying that he and his fellow scientists felt the virus looked ‘potentially’ engineered, and that members of his team “all find the genome inconsistent with expectations from evolutionary theory.”

Fauci then sent an urgent email to his deputy – Hugh Auchincloss – with the subject “IMPORTANT,” and which read “Hugh, it is essential that we speak this AM. Keep your cell phone on … You will have tasks today that must be done.”

Attached to that email was a document titled “Baric, Shi et al – Nature medicine – SARS Gain of function.pdf” referring to Dr. Ralph Baric, a US-based virologist who collaborated with the Wuhan Institute of Virology under Dr. Shi Zhengly (“Bat lady”) known for manipulating bat coronaviruses to better-infect humans.

Tucker then shows a clip of Fauci denying that Baric had conducted gain-of-function research, under oath.

“In retrospect, that looks a lot like perjury,” said Carlson, adding that early last year a lot of people at the National Institutes of Health (NIH) were worried that COVID-19 had not occurred naturally, and were concerned that it had been manipulated in a lab in China – facts they were ‘determined’ to hide from the Public.

Tucker then notes that a group of top-level virologists were told to keep the contents of a teleconference discussion “in total confidence” and not to share information until next steps are agreed upon.

Screenshot “Tucker Carlson Tonight”

Carlson then mentioned Zero Hedge, after UK virologist Jeremy Farrar passed along an article in which we suggested COVID-19 was man-made.

“We now know that’s a more plausible explanation than the one we believed at first, and were told by the media – which is that corona came from a pangolin. And yet for the crime of saying that out loud, a more plausible explanation, Zero Hedge was banned from social media platforms. Until recently you were not allowed to suggest that COVID might be man-made. Why couldn’t you suggest that? The fact-checkers wouldn’t allow it. Why wouldn’t they? Because Tony Fauci assured the tech monopolies that the coronavirus could not have been man-made. And so the tech monopolies shut down the topic.” -Tucker Carlson

Carlson then showed an April 17 press conference in which Fauci told the American public that COVID-19 was “totally consistent with a jump of a species from an animal to a human.

“At that point, what Tony Fauci just asserted as known, could not conclusively have been known. That was a lie.”

Watch:

end

MSNBC Holds Fauci’s Hand Through First Damage Control Interview Since ‘Email-Gate’

 
THURSDAY, JUN 03, 2021 – 12:40 PM

Having apparently seen his book pulled, as backlash builds against Dr. Anthony Fauci – as his ‘untouchableness’ becomes vulnerable amid an avalanche of inflammatory emails suggest the flip-flopping bureaucrat was anything but honest with the American people.

And so, the National Institute of Allergies and Infectious Diseases Director first appearance in public since his emails from the early days of COVID-19 were released to journalists was on MSNBC… of course.

As Summit News’ Paul Joseph Watson notes,despite released emails highlighting innumerable cases of Dr. Anthony Fauci’s bumbling response to the COVID-19 outbreak, an MSNBC host said the emails made Fauci “look good” during a pathetic softball interview.

Yes, really.

Despite the fact that the emails reflect terribly on Fauci, Nicole Wallace used the first interview with Fauci since the scandal broke to obsequiously genuflect over his behavior.

“I wonder if you feel like you’re still making up some of that lost ground from many months under the last administration from not just no information but disinformation out there,” said Wallace.

Presumably she’s been hiding under a rock for the last 3 weeks as what the media and Fauci once called “disinformation,” the Wuhan lab leak theory, is now having to be treated with seriousness it deserves.

The true mark of someone is that they look good even when their personal emails come out,” said Wallace, while laughing and smiling at Fauci. “So you pass a test very few of us would pass.

What planet is she living on?

Among other things, Fauci’s emails reveal;

  • How he decided to deliberately dismiss the Wuhan lab leak theory early on despite being warned by scientists that the virus looked “engineered”.

  • How he helped out and was thanked by Dr. Peter Daszak, someone with intimate ties to the Wuhan lab, for publicly discrediting the lab leak theory.

  • How he said face masks were useless because the virus could pass through them before going on to promote the use of face masks.

  • How Fauci committed perjury by denying he was involved with ‘gain of function’ research at the Wuhan lab, despite this being documented in the emails.

  • How Fauci responded to an email from a physicist who tried to warn him that China was engaged in a COVID cover-up with the words “too long for me to read.”

  • How Fauci conspired with Facebook’s Mark Zuckerberg to control the narrative on COVID-19.

Of course, Wallace asked Fauci about absolutely none of the above.

And the media wonder why they are so reviled.

Wallace’s groveling opinion isn’t apparently shared by White House officials, who are reportedly preparing for Fauci to make a quiet exit in a bid to avoid further fallout from the emails.

Fauci also appeared on MSNBC’s “Morning Joe” this morning, and the adulation continued (with little to no actual journalistic pushback on any of his monologues).

As SaraACarter.com reports, first, Fauci was asked about the purported Wuhan lab leak.

While it is currently being investigated by U.S. officials, back in April of 2020, Fauci was emailing back and forth with National Institute of Health Director Dr. Francis Collins about how it was a “conspiracy theory.”

Now, the Chief Medical Advisor is walking back the email, telling host Willie Geist “we don’t know that for sure.”

Fauci re-admitted that he “can’t guarantee everything that is going on in the Wuhan lab” in the wake of criticism after a trove of his emails were published Tuesday.

It was just trying to get the right information, to try and get the right data. What they didn’t seem to understand, I guess that it is understandable that they didn’t understand it, is that science is a dynamic process,”

But a manmade origin was “low on the list of what we thought the likelihood was.” On Thursday, he asked everyone to “keep an open mind” about COVID-19 origins.

Fauci also appeared on MSNBC’s Deadline Wednesday as his first appearance since the news broke. When asked about his emails then, he tried to look on the bright side.

“There’s no doubt that there are people out there who for one reason or another resent me for what I did in the last administration,” Fauci said.

But, at the very least, his emails were “not anti-Trump at all” he added.

“You look at my emails, I never said anything derogatory about President Donald Trump,” Fauci said.

We give the last word to Naomi Wolf…

We humbly suggest Dr. Wolf has had many other opportunities in recent years to be “ashamed of [her] profession.”

end

Trump responds:

Trump Asks What Did Fauci Know About “Gain Of Function” Research, & When Did He Know It?

 
THURSDAY, JUN 03, 2021 – 02:31 PM

Now that Fauci’s released emails (which still contain far too many redactions and should be released in their entirety) confirm countless “conspiracy theories” about what Fauci knew about masks, covid and its origins, which as Rand Paul tweeted confirm that Fauci was a “fraud” not to mention that Trump appears to have been right  yet again, moments ago Trump issued a statement on the Fauci emails, which while generally self-congratulatory, contained an important question:

“The funding of Wuhan by the U.S. was foolishly started by the Obama Administration in 2014 but ended under the Trump Administration. When I heard about it, I said “no way.” What did Dr. Fauci know about “gain of function” research, and when did he know it?”

We are confident that the Democratic majority in Congress will get right on it.

Trump’s full statement below:

Statement by Donald J. Trump, 45th President of the United States of America

After seeing the emails, our Country is fortunate I didn’t do what Dr. Fauci wanted me to do. For instance, I closed our Borders to China very early despite his not wanting them closed. The Democrats and the Fake News Media even called me a “xenophobe.” In the end, we saw this was a life-saving decision, and likewise with closing our borders to Europe, specifically to certain heavily infected countries. I was later given credit, even by “Tony,’ for saving hundreds of thousands of lives. Dr. Fauci also didn’t put an emphasis on speed of vaccine production because he thought it would take 3, 4, or maybe even 5 years to create. I got it done in less than 9 months with Operation Warp Speed. In retrospect, the vaccine is saving the world.

Then, I placed the greatest bet in history. We ordered billions of dollars’ worth of vaccines before we knew it even worked. Had that not been done, our wonderful vaccines would not have been administered until October of this year. No one would’ve had the shot that has now saved the world and millions of lives!

Also, Dr. Fauci was totally against masks when even I thought they would at least be helpful. He then changed his mind completely and became a radical masker!

There are a lot of questions that must be answered by Dr. Fauci. The funding of Wuhan by the U.S. was foolishly started by the Obama Administration in 2014 but ended under the Trump Administration. When I heard about it, I said “no way.” What did Dr. Fauci know about “gain of function” research, and when did he know it?

end

THE WOLF OF WASHINGTON (THORTON)

special thanks to Robert H for sending this to us:

Fauci Trembling As Treasure Trove Of Emails Leak

Fauci Trembling As Treasure Trove Of Emails Leak

 

Looks like Fauci should have taken lessons from Hillary Clinton (or, for that matter, Liz Cheney’s husband) when it comes to the art of erasing e-mails.

As an utter treasure trove of information regarding Fauci and COVID was just released, courtesy of a mass of e-mails sent to or from Fauci himself.

Needless to say, these e-mails pretty much verify the vast majority of what Trump has long been saying about Fauci, who apparently spent more time fearing the Chinese’s reactions than protecting Americans.

After all, consider one gem leaked from these e-mails:

“I just wanted to say a personal thank you on behalf of our staff and collaborators, for publicly standing up and stating that the scientific evidence supports a natural origin for COVID-19 from a bat-to-human spillover, not a lab release from the Wuhan Institute of Virology.” [Source: Breitbart]

That e-mail was sent on April 18, 2020, from Peter Daszak, the President of the EcoHealth Alliance, to Fauci.

And who exactly is Mr. Daszak?

Well none other than the man responsible for shepherding American taxpayer dollars into a Chinese-run laboratory that ended up (in all likelihood) releasing a virus, which in turn caused unprecedented death and destruction around the globe, including to the same taxpayers that funded (at least in part) the virus’s creation in the first place!

In other words, no wonder Fauci constantly challenged Trump every single time that Trump rather clearly pointed out that the entire pandemic was likely manufactured from the beginning.

And Fauci was sure to promote this view to any reporter that asked him, regardless of the real cost that such duplicity would bring to the United States (not to mention the rest of the world).

Even when a reporter directly asked Fauci about the origins of the virus.

“Mr. President, I wanted to ask Dr. Fauci: Could you address these suggestions or concerns that this virus was somehow manmade, possibly came out of a laboratory in China?” [Source: Townhall]

As seen below, that commentary constitutes a standard elitist Fauci response to such questions, at least a year ago.

“A group of highly qualified evolutionary virologists looked at the sequences in bats as they evolve. The mutations that it took to get to the point where it is now are totally consistent with a jump of a species from an animal to a human.” [Source: Breitbart]

Too bad that Fauci had already been informed four months earlier that COVID very well may have been “engineered,” based upon an email sent to him by NIH Scientist Kristian Anderson.

“On a phylogenetic tree the virus looks totally normal and the close clustering with bats suggest that bats serve as the reservoir. The unusual features of the virus make up a really small part of the genome (<0.1%) so one has to look really closely at all the sequences to see that some of the features (potentially) look engineered.”[Source: Townhall]

Apparently, Fauci didn’t bother to “look really closely,” opting for partisan politics instead.

So, Fauci was answering definitively in April that the virus was natural in origin, in spite of receiving information from the NIH on the possibly “engineered” virus in January.

Sounds about right.

On the other hand, Trump, who was ironically much more cautious, did not jump on the “natural origin” bandwagon, but he did indicate that a range of theories were being investigated, including the lab leak theory specifically.

“We’re looking at it … A lot of people are looking at it – it seems to make sense.” [Source: Breitbart]

As usual, Trump was correct.

Frankly, the lab leak theory has made total sense from the start, and apparently, over a year later, it now suddenly makes a semblance of sense to Fauci and the fictional news media.

Either that, or Fauci knew his emails would be imminently publicized, which would certainly explain all his rather sudden public back-pedaling over the past several weeks.

Straight back to what Trump was saying since Day 1.

Imagine if Fauci had kept his message more aligned with Trump’s from the start, especially since Fauci is literally saying now what Trump was saying a year ago.

Then again, since Fauci has maintained his dramatically overpaid and overexposed position in the Biden administration, perhaps he had a vested interest all along in publicly countering Trump, in spite of all the chaos his posturing caused.

What’s even more disturbing is that Fauci effectively sided with China over the United States by continuously defying Trump, and Fauci was further empowered by the fake news media, which was more concerned about insulting Trump than truly informing Americans.

Author: Ofelia Thornton

END

Michael Every // commentary on the days most important topics

Today; Inflation forces coming in contact with deflation forces

(courtesy Michael Every 

Rabobank: “I Don’t Know Much About Art…”

 
THURSDAY, JUN 03, 2021 – 09:25 AM

By Michael Every of Rabobank

I Don’t Know Much About Art…

I don’t know much about art, but I know what I like” is a British phrase mocking the supposed ill-educated confidence on complex matters found amongst the proletariat. As has been the case for some time, however, this pejorative quasi-idiom is on the other foot: it is the working-class populists who look at the ‘elite’ and point out the ill-founded confidence on complex matters they don’t understand. Like geopolitics, economics, and inflation. And, yes, art – which is reflecting life.

An Italian artist just sold an invisible 5’ x 5’ “scuplture” for $18,000, titled ‘Io Sono‘ (Italian for “I am”. Or “I am a plonker”, as White Van Man would say). As he explained:

The vacuum is nothing more than a space full of energy, and even if we empty it and there is nothing left, according to the Heisenberg uncertainty principle, that ‘nothing’ has a weight. Therefore, it has energy that is condensed and transformed into particles, that is, into us.

Frankly, I have heard stupider jargon from experts in other fields. I am just not sure if the joke is worth $18,000 – but someone is.

My sister-in-law, an artist herself, was obviously delighted at this news. My wife, ever the practical one, wondered why the Italian made the “sculpture” so big, and wasn’t producing a smaller range to capture the household market. My colleague at Rabo offered to sell me an invisible sculpture he handily already has for half price. Yet we have been here before and not always in boom times:

  • Remember the NFT (non-fungible token, or digital ‘art’) of a man breaking wind that sold for $89 back in March? Not really ‘Winds of Change’, however, as;

  • In 2019, banana(s) taped to a wall sold for $120,000. (One was eaten: the others rotted, as bananas do.) Does something non-existent selling for $18,000 vs. something of minimal value selling for $120,000 represent inflation or deflation?;

  • There was Tracey Emin’s post-Asian crisis 1998 ‘Unmade Bed’ – which was, as advertised, literally her unmade bed. That sold for $3.8m in 2014. (Fresh linen and detergent not included.);

  • Damian Hirst had a shark in formaldehyde in recessionary 1991. It cost £50,000 to make; like the banana, it went bad; the gallery had to skin the shark and stretch it over a fiberglass mould; and when sold for $12m in 2004, the new owner replaced the shark (“Because sharks”). There was thus a philosophical question if it was the same artwork – but the $12m said “Shhh!”; and

  • What about Marcel Duchamp’s 1917 “Fountain”? Literally just a urinal with “R. Mutt” written on it, this was supposed to extract the Michael from the art establishment – but today it is priceless.

Given the surge in commodity price inflation set to flow through to ceramic goods, and soaring hourly-rates for plumbers –and it being a toilet– White Van Man perhaps likes this kind of modern art more than others. And for those who like to go to galleries, purse their lips, and nod in serious reverence at the cultural importance of it all, let me share a secret. I know a famous artist: if we ever see any art together, the first thing he does is try to work out how many screws are in it, and where, like a builder. Indeed, rather than talk about Heisenberg, we last spent a lunch together tracking the auction prices of pieces of his work being sold off from a deceased individual’s estate, as all artists now do. It’s just a day job; and one that doesn’t pay well for almost everyone in the industry, while offering as many benefits as the gig economy. Even his artist pension scheme (comprised of stored physical art) was apparently in some kind of trouble due to unspecified issues related to a take-over. Perhaps he should start breaking wind, digitally.   

With this kind of backdrop, one can perhaps understand why there is yet more excitement that Dogecoin –a Duchamp joke in currency form– has now been accepted by Coinbase –a Duchamp joke in currency form(?)– sending the price up 31% in a day. Dogecoin is now worth $54bn: how many unmade shark urinals do I get for that?

Yet just as all the bohemian creativity of the art world is ultimately propped up by not-so-bohemian central banks, there is a power behind the crypto throne that ultimately gets to say what true value is: and it’s the same people. The US SEC is circling, and so is the IRS on the taxation of crypto and record-keeping of everyone at home and abroad holding them. The ECB yesterday also stated that countries that don’t introduce digital currencies may face threats to their financial systems and monetary autonomy; and without a digital Euro, it could end up being in thrall to dominant, foreign payment-service providers. It’s true, of course. Yet once you bring in national security, things stop being bohemian and start being deadly serious – and that’s when the REAL money flows in. National digital currencies will be Great White Formaldehyde sharks.

But away from White Cubes and roll-neck black sweaters, and back to inflation proper. The ECB accidentally managed to hit 2% CPI in May. However, we are all still waiting to see whether the global status quo can hold, and so we slump back into lowflation and/or deflation –apart from for modern art– or if we will see a breakdown, portending serious inflation. And on that front, we see more partial fragments of potential leading indicators:

  • Inflation: the ECB’s message on digital currency was important, because it may portend the integrated bifurcation of payment systems *and* global supply chains. It can also portend a more active central-bank role in the economy (in which case, the artists may be state-directed, as under “Soviet Realism” once the modernists like Kandinsky and Malevich were eliminated);

  • Inflation: The Fed’s Beige Book talked about supply shortages all over;

  • Inflation: Elon Musk tweeted: “Our biggest challenge is supply chain, especially microcontroller chips. Never seen anything like it. Fear of running out is causing every company to overorder – like the toilet paper shortage, but at epic scale. That said, it’s obv not a long-term issue.”;

  • Deflation: the US Senate Parliamentarian ruled the Democrats can only use one more reconciliation bill this year, further reducing the odds of a massive US fiscal boost that would make Musk’s prediction far less clear-cut;

  • Deflation: Europe has stated that while fiscal rules against overspending will remain suspended in 2021 and 2022, they will snap back in 2023. So 18 months until fresh austerity looms;

  • Deflation(?): US President Biden is amending Trump’s blacklist of Chinese firms, and shifting control of the process from the Pentagon to the Treasury. It remains to be seen if this represents a watering down, or a legally-necessary clarification of the criteria firms will be judged by. Either way, the Republicans are watching closely.

Elsewhere, meme-stocks are back again: this time AMC skyrocketed. It’s not clear if it is because it is losing money, but that seems to help in these matters. And Germany is closing off its airspace to Russia in response to Russia doing the same to it after what happened with Belarus. However, Germany is still determined to link itself to Nord Stream 2 in perpetuity. German policy is thus Dadaesque – to put it politely (“I don’t know much about geopolitics, but I know what I like.”). Then again, so is a great deal else.

end

7. OIL ISSUES

“We’ll See $200 Oil”: Russia & OPEC Ministers Blast IEA’s ‘Net Zero By 2050’ Plan As “La-La-Land”

 
THURSDAY, JUN 03, 2021 – 10:48 AM

After in recent months crude oil prices have clearly recovered from their COVID-19 slump on steadily increasing demand, Russian Deputy Prime Minister Alexander Novak addressed the much anticipated decision-making at the upcoming OPEC+ conference set for August and the expectation that it will decide to raise output significantly beyond the current pandemic-induced strategy of gradually releasing more barrels into a strengthening oil market.

Novak said in his Thursday remarks at the St Petersburg International Economic Forum that while it remains “premature” to talk about output decisions for August, he affirmed “The current oil price is good enough for Russia,” adding: “Oil prices reflect the balance of supply and demand,” and noted it’s expected the seasonal oil demand will increase in the third quarter of the year. On Wednesday Brent crude futures touched their highest price since September 2019 at $71.99, with the international benchmark gaining 1.6%, following the day prior the benchmark seeing a rise of almost 3%.

Russia’s Deputy Prime Minister Alexander Novak (R), at a prior OPEC+ meeting, via Reuters.

Novak confirmed the upcoming OPEC+ conference will address and finalize oil output for August and other months, while stressing that oil prices shooting too high “may force users to switch to other energy sources.”

On that front in particular, he blasted current IEA proposals and a “road map” being pushed which in the end could lead to $200 a barrel oil(!):

If the world were to follow the International Energy Agency’s controversial road map, which said investment in new fields would have to stop immediately to achieve net-zero carbon emissions by 2050, “the price for oil will go to, what, $200? Gas prices will skyrocket,” Novak said.

And naturally Qatar and Saudi Arabia seconded that dire assessment, vowing to continue expanding their oil and gas facilities while pointing the finger at the climate activists for seeking to starve industry cash. Bloomberg presents the Gulf statements Thursday as follows

The “euphoria” around the transition to clean energy is “dangerous,” Qatar’s Energy Minister Saad Sherida Al Kaabi said at the St Petersburg International Economic Forum in Russia on Thursday.

“When you deprive the business from additional investments, you have big spikes” in prices, he stressed further.

As a reminder, IEA’s roadmap set out in the Paris Accords for achieving net zero carbon emissions by 2050 requires reducing emissions as much as possible then offsetting the rest with “carbon removal” plans financed by carbon credits.

Source: IEA

However as we’ve detailed before, with economists expecting global growth to expand at even faster rates thanks to the infusion of stimulus inspired by the pandemic, it follows that energy demand will also increase more quickly. Despite this, many economists and scientists expect that improvements in energy efficiency and the shift to renewables means that global energy demand will be around 8% smaller than it is today in 2050, even though the global economy will be more than twice as large as it is today.

With this in mind, it was perhaps the recent Saudi comments from St. Petersburg which put it best, dismissing the “la-la-land” scenario in an earlier statement…

“Saudi Energy Minister Prince Abdulaziz bin Salman has already dismissed the IEA road map, which would limit the average increase in global temperatures to 1.5 Celsius, calling it a la-la-land scenario,” he said according to Bloomberg“When asked on Thursday if oil is dead, he responded by saying the kingdom is increasing its production capacity.”

8 EMERGING MARKET ISSUES

INDIA//CORONAVIRUS UPDATE/VACCINE UPDATE
 
NONE
 
 
END

Your early  currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings THURSDAY  morning 7:30 AM….

Euro/USA 1.2194 DOWN .0016 /EUROPE BOURSES /ALL RED   

USA/ YEN 109.77 UP 0.183 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.4193  UP   0.0022  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2062  UP .0022

Early THIS  THURSDAY morning in Europe, the Euro FELL BY 16 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2194 Last night Shanghai COMPOSITE CLOSED DOWN 12.93 PTS OR 0.36% 

//Hang Sang CLOSED DOWN 331.59 PTS OR 1.13%

/AUSTRALIA CLOSED UP 0.56% // EUROPEAN BOURSES OPENED ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL RED   

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 331.59 PTS OR 1.13%

/SHANGHAI CLOSED DOWN 12.93 PTS OR 0.36% 

Australia BOURSE CLOSED UP 0.56%

Nikkei (Japan) CLOSED UP 111.97 PTS OR 0.39%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1894.10

silver:$27.79-

Early THURSDAY morning USA 10 year bond yr: 1.596% !!! DOWN 1 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.279 DOWN 1/2  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early WEDNESDAY morning: 90.03  UP 12 CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.47% UP 2  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.086%  UP 7/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.47%//  UP 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.90 UP 1   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 43 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.18% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.08% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR  THURSDAY

Closing currency crosses for THURSDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.2123  DOWN     .0086 or 86 basis points

USA/Japan: 110.30  UP .700 OR YEN DOWN 70  basis points/

Great Britain/USA 1.4095 DOWN .0076 POUND DOWN 76  BASIS POINTS)

Canadian dollar DOWN 77 basis points to 1.21177

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The USA/Yuan,  CNY: closed    ON SHORE  (DOWN).. 6.4038

THE USA/YUAN OFFSHORE:    (YUAN DOWN)..6.3997

TURKISH LIRA:  8.71  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.086%

Your closing 10 yr US bond yield UP 3 IN basis points from WEDNESDAY at 1.620 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.2302 UP 3 in basis points on the day

Your closing USA dollar index, 90L93  UP 62  CENT(S) ON THE DAY/1.00 PM/

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for THURSDAY: 12:00 PM

London: CLOSED DOWN 43.65 PTS OR 0.61% 

German Dax :  CLOSED UP 29.96 PTS OR 0.19% 

Paris CAC CLOSED DOWN 13.60  PTS OR 0.21% 

Spain IBEX CLOSED DOWN 38.30  PTS OR  0.42%

Italian MIB: CLOSED UP 72.64 PTS OR 0.29% 

WTI Oil price; 68.48 12:00  PM  EST

Brent Oil: 70.93 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    73.26  THE CROSS  HIGHER BY 0.12 RUBLES/DOLLAR (RUBLE LOWER BY 12 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.18 FOR THE 10 YR BOND 1.00 PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM : 68.89//

BRENT :  71.32

USA 10 YR BOND YIELD: … 1.630..UP 4 basis points…

USA 30 YR BOND YIELD: 2.307 UP 3 basis points..

EURO/USA 1.2129 (DOWN 80   BASIS POINTS)

USA/JAPANESE YEN:110.29 UP .692 (YEN DOWN 69 BASIS POINTS/..

USA DOLLAR INDEX: 90.47 UP 58  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.4107 DOWN 64  POINTS

the Turkish lira close: 8.71

the Russian rouble 73.26   DOWN 0.13 Roubles against the uSA dollar. (UP 13 BASIS POINTS)

Canadian dollar:  1.2103  UP 63 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.181%

The Dow closed DOWN  23.34 POINTS OR 0.07%

NASDAQ closed DOWN 146.11 POINTS OR 1.07%


VOLATILITY INDEX:  18.05 CLOSED UP  0.57

LIBOR 3 MONTH DURATION: 0.128%//libor dropping like a stone

USA trading day in Graph Form

END

a)Market trading/THIS MORNING/USA

Stocks Jump After Biden Signals ‘Major Changes’ To Tax Proposal To Win GOP Support

 
 
THURSDAY, JUN 03, 2021 – 11:04 AM

It appears the Biden administration has realized their ambitious tax hikes have a snowball’s chance in hell of passing, given the slim majority Democrats hold in both chambers of Congress – which include two serious moderates (Manchin and Sinema) and a parliamentarian who won’t let them get away with forcing legislation through via reconciliation (a simple majority).

Now, according to the Washington PostBiden has outlined a $1 trillion plan financed through tax changes which would not focus on raising the top corporate rate – a major concession to Republicans who opposed an earlier proposal to raise the corporate tax rate from 21% to 28%.

Instead, Biden on Wednesday recommended a new, minimum corporate tax of 15 percent, seeking to take aim at dozens of profitable U.S. corporations that pay little to nothing to the federal government annually, according to a person familiar with the talks who requested anonymity to describe them. The White House also proposed stepping up enforcement on corporations and wealthy earners who rely on loopholes to lessen their tax burdens, the person said.

The offer marked an attempt by the White House to avert the “red line” that Republicans laid down earlier in negotiations over infrastructure reform, though the source maintained that Biden has not strayed in his overall belief in raising rates on both corporations and wealthy individual earners. The president presented his plan, a revision of his total $2.2 trillion American Jobs Plan, during a meeting Wednesday with the GOP’s chief negotiator on infrastructure, Sen. Shelley Moore Capito (R-W.Va.). -WaPo

The news immediately sent markets higher:

Still, even with the new tax concession, the White House’s $1 trillion plan is around four times as much as Republicans have been willing to spend, particularly since Biden’s “infrastructure” deal contains minimal improvements for actual infrastructure. GOP leaders instead endorse a $257 billion package which continuing to oppose funding it with tax hikes. Instead, they have called on the Biden administration to repurpose unspent pandemic funds now that the situation has improved – an idea Biden has largely opposed.

On Friday both sides are set to meet again, however GOP leaders are still contemplating whether to put together another counter-offer, or to walk away from negotiations entirely, according to the Post.

“Patience is not unending, and he wants to make progress. His only line in the sand is inaction,” said White House press secretary Jen Psaki on Wednesday. “He wants to sign a bill into law this summer.”

Much as before, Biden could try to muscle infrastructure reform through Congress using only Democratic votes. But that path could be fraught with its own political challenges, given the wide array of opinions within the president’s own party over what infrastructure reform should entail, and how to pay for it.

Some moderates, including Sen. Joe Manchin III (D-W.Va.), also do not yet appear willing to abandon talks. Without their full support, Democrats would have no ability to advance infrastructure reform on their own in the Senate using a tactic known as reconciliation, which would require all 50 Democrats to vote in lockstep.

Good luck with that.

end

afternoon trading

 
 
ii) Market data
Our usual ebullient ADP report shows employment surged in May led by services,
(zerohedge/ADP)

ADP Employment Surges In May Led By Services Rebound

 
THURSDAY, JUN 03, 2021 – 08:22 AM

After disappointing jobs data in April, May’s ADP data showed an increase of 978,000 jobs in May (above the highest economist’s estimate)…

Source: Bloomberg

This is the biggest monthly increase since June 2020.

“Private payrolls showed a marked improvement from recent months and the strongest gain since the early days of the recovery,” said Nela Richardson, chief economist, ADP.

The gains were seen across all company size cohorts and only the “Information” industry saw job losses…

as Services dominated the Goods-Producing sector’s gains

“While goods producers grew at a steady pace, it is service providers that accounted for the lion’s share of the gains, far outpacing the monthly average in the last six months. Companies of all sizes experienced an uptick in job growth, reflecting the improving nature of the pandemic and economy.”

Source: Bloomberg

The ADP data precede Friday’s monthly jobs report, which is currently forecast to show the economy added 600,000 private-sector jobs in May.

end

Despite record job openings, and many states closing benefits to people, still we have over 15 million Americans on the dole

(zerohedge)

Over 15 Million Americans Remain On Government Dole, Despite Record Job Openings

 
THURSDAY, JUN 03, 2021 – 08:37 AM

The number of Americans filing for first time jobless benefits fell to 385k last week – the lowest since the start of the government-policy-driven lockdowns last year (below 400k for the first time since March 2020)…

Source: Bloomberg

Pennsylvania, Illinois, and California saw the biggest jumps in initial claims while Texas, Florida, and Oregon saw the biggest drops…

The number of Americans on continuing claims rose to its highest since March 12th 2021…

Source: Bloomberg

While the total number of Americans on some form of government dole fell 366k last week, it remains over 15.4 million…

Source: Bloomberg

Finally, the number of people on pandemic emergency welfare remains extremely high… especially relative to the record-smashing number of jobs available for them…

Source: Bloomberg

Will this change anytime soon? Over 20 (Republican) states are already planning on early ends to the pandemic handouts, meaning in less than two weeks, millions of Americans may be forced to get off the couch and leave their government-fear-induced safe-space to seek a job and get some self-reliance back from the nanny state.

END

Service sector signaling stagflation

(zerohedge)

Services Surveys Signal Stagflation As Firms Increasingly “Pass On Higher Costs To Clients”

 
THURSDAY, JUN 03, 2021 – 10:05 AM

Following the stagflationary signals from this week’s Manufacturing survey data, ISM and Markit were expected to show further gains in the Services sector even as the ‘hard’ data continues to serially disappoint, and both surveys significantly beat expectations, rising to new record highs…

Source: Bloomberg

The data was, for once, in somewhat of an agreement – though Markit respondents are notably more excited than ISM’s…

  • Markit US Manufacturing up in May to 62.1 – a record high

  • Markit US Services up in May to 70.4 – a record high

  • ISM US Manufacturing up in May to 61.2 – well below the March highs

  • ISM US Services up in May to 64.0 – a record high

Source: Bloomberg

Markit notes that service providers stepped up their efforts to pass on higher costs to clients, with the pace of charge inflation quickening to the steepest in the survey’s history.

Companies mentioned that greater costs were being progressively passed through to customers amid burgeoning demand.

Stagflation fears persist as ISM notes that similar to the group’s manufacturing survey, the report showed elevated price pressures, growing order backlogs and softening in the pace of hiring.

Limited availability of both materials and skilled workers risks tempering the pace of economic growth.

The US Composite PMI posted 68.7 in May, up from 63.5 in April, to signal the steepest upturn in business activity since data collection began in October 2009.

Once again, inflationary pressures intensified in May.

The rate of cost inflation was unprecedented amid substantial supplier shortages and delays. As a result, firms sought to pass on greater costs to their clients, with the pace of charge inflation quickening to a new series high.

US Composite PMI is leading the world…

Source: Bloomberg

Commenting on the latest survey results, Chris Williamson, Chief Business Economist at IHS Markit, said:

“The US economic recovery shifted up a gear in May, with output of the combined manufacturing and service sectors surging past all prior peaks by an impressive margin.”

The strong correlation between the PMI and GDP means the economy looks set to enjoy rapid – potentially double-digit – growth in the second quarter:

“Further robust expansions are indicated for the summer months, with an improving order book situation accompanied by elevated levels of business confidence and the further easing of virus restrictions both at home and abroad.”

But, Williamson warns: the survey’s price gauges have also climbed to unsurpassed levels, which will add to inflation worries. These unprecedented output and price growth rates will inevitably lead to speculation about an earlier than previously expected tapering of Fed policy.”

iii) Important USA Economic Stories

Chamber of Commerce confirms that the USA labour shortage is a national economic crisis

(Phillips/EpochTimes)

Chamber Of Commerce Confirms US Labor Shortage Is A “National Economic Crisis”

 
WEDNESDAY, JUN 02, 2021 – 07:25 PM

Authored by Jack Phillips via The Epoch Times,

A report from the U.S. Chamber of Commerce warned that a recent labor shortage plaguing businesses nationwide is worsening, describing the situation as a “national economic crisis.”

The Chamber’s report released Tuesday found that the United States had a record 8.1 million vacant job openings in March—the last month where data was available—noting it was an increase of 600,000 from February.

But, the Chamber stressed that there “are approximately half as many available workers for every open job,” or 1.4 available workers per job opening, across the country “and the ratio continues to fall.” Compared with the previous 20 years, there were 2.8 available workers per job opening, according to the organization.

“In several states and several industries, including hard-hit sectors like education and health services as well as professional and business services, there are currently fewer available workers than the total number of jobs open,” the report found, adding that more than 90 percent of local Chambers of Commerce have reported that worker shortages are hurting their economies.

The report also pointed to an underwhelming April jobs report released by the federal Bureau of Labor Statistics, which found that just 266,000 jobs were created. Analysts had expected that more than 1 million would be created.

“Even with 9.7 million unemployed at the beginning of April, workers’ reluctance to return to work and fill open positions was one reason for the lackluster job creation,” the Chamber of Commerce wrote.

“Another could be that employees know just how easy it is to get a new job—the percent voluntarily leaving their current job is now above pre-pandemic levels.”

The states with the lowest worker availability rate include Vermont, Nebraska, and South Dakota, the organization found. All three states had a ratio of less than 1.

In the past several weeks, around two dozen GOP-led states have decided to opt out of the federal unemployment program that provided $300 per week during the COVID-19 pandemic. Republicans have criticized the provision, which was first introduced in the March 2020 CARES Act and was extended several times in subsequent bills, as creating an incentive for people not to work.

The issue was perhaps crystallized in April when a McDonald’s franchise owner in Tampa, Florida, authorized paying people $50 just to show up for job interviews but was still struggling to find employees.

According to reports, Arizona, Montana, New Hampshire, and Oklahoma have authorized a return-to-work bonus between $500 and $2,000.

“We’re going to use federal money to encourage people to work instead of paying people not to work,” Republican Arizona Gov. Doug Ducey said in May.

END

Mish Shedlock on the huge USA 6 trillion dollar budget

(zerohedge)

 

The Key Missing Ingredient In Biden’s $6 Trillion Budget Is Honesty

 
WEDNESDAY, JUN 02, 2021 – 06:45 PM

Authored by Mike Shedlock via MishTalk.com,

How big is Biden’s $6 trillion budget and what are the admitted implications?

That seemingly simple question is the subject of a scathing attack on Biden by the Washington Post.

WaPo Columnist Marc A. Thiessen says Biden’s Budget is a Lie.

Q: How big a lie? 
A: Another $5.8 trillion.

Thiessen calculates that by adding up all of Biden’s campaign promises and items in the budget that are not reasonable estimates. 

 Missing in Action 

  • Biden’s plan to create a “public option” for health care and lower the age at which Americans can receive Medicare, is nowhere to be.  According to Manhattan Institute budget expert Brian Riedl, Biden’s missing health proposals will cost $1.45 trillion. 

  • Biden’s plan to expand Social Security and Supplemental Security Income (SSI), as well as much of the K-12 spending and higher education spending that he promised are also missing.

  • Biden’s budget assumes the child tax credit expansion in his American Family Plan and long-term care for seniors — will expire before his 10-year budget window closes. Yeah right.

What About Tax Pledges?

The budget assumes that the Trump tax cuts for low- and middle-income Americans will expire as scheduled in 2025.  That’s a hike according to Thiessen 

My take is that if it’s not in the budget then it’s not in the budget.

However, lies are still lies. I will let others debate how much is in the budget unaccounted for vs. lies that never made it to the budget. 

Secular Stagnation

The Wall Street Journal also has an interesting take on Biden’s budget.

Please consider A Future of Secular Stagnation.

One critique of President Biden’s historic spending blowout is that it steals economic growth from the future in return for a temporary surge in the next two years. Imagine our surprise to see the White House confirm this criticism in its own budget proposal.

The White House predicts a two-year growth boom of 5.2% in 2021 and 4.3% in 2022, as the country returns to normal after the pandemic and record amounts of government spending flood the economy to goose consumer demand.

But the White House says growth will sink to 2.2% in 2023, and then average below 1.9% for the next eight years. 

The White House economic analysis boils down to an assertion that slow growth is inevitable. Some on the left are even praising the Biden White House for the “honesty” of its slow-growth forecasts. 

To put it bluntly, this is a budget that is anticipating America’s economic and political decline. The question is whether the American people will settle for it.

White House Projections

That’s nine years without a recession. Anyone believe that?

And don’t forget the Lie of the Day From Biden: My Budget Will Pay for Itself

Yellen’s and Biden’s assumptions are the same as every politicians’, this debt will pay for itself.

In practice, it never does and Biden’s budget won’t pay for itself either.

From top to bottom it’s all a pack of lies, same as always. Presidents come and go and the lies persist. 

Nothing has changed except Biden’s budget lies are so big that even WaPo feels obliged to point them out.

Thiessen concluded: “From spending to taxes, Biden’s budget is a lie. He plans to tax you more and spend far more of your money than even his record-breaking budget plan admits.”

 

end

Self explanatory

(zerohedge)

The Senate Parliamentarian Just Ripped The Heart Out Of The Democrats’ Agenda

 
THURSDAY, JUN 03, 2021 – 10:25 AM

With Democrats’ slim majority in both houses in Congress and two of their own moderate members unwilling to sign off on the party’s ambitious progressive agenda, there’s yet another Democrat who may have just killed any chance of railroading legislation through Congress without casting a single vote; Senate Parliamentarian Elizabeth MacDonough.

And as Red State reports, she may have just “ripped the heart out of the Democrat agenda (emphasis ours):

While the Democrats have high, if not delusional hopes of fundamentally changing every aspect of American life, from federal voting dictates to essentially outlawing sub-contracting, the actual rules of the Senate have stood in their way. The filibuster, which Joe Manchin and Kyrsten Sinema (among others who are laying low) have pledged to not touch, means that Chuck Schumer and his merry band can’t force through things on a simple 50-50 vote.

The Democrats were given a shot of life a few months ago, though, in the form of a parliamentarian ruling that Schumer claimed greenlit most of his agenda. I expressed skepticism at the time in an article discussing the infrastructure package.

Chuck Schumer recently claimed the Senate parliamentarian gave him free rein, yet that decision has not been made public, and there’s probably a reason for that.

Well, it appears my skepticism was warranted. In what is claimed as a “new ruling,” the parliamentarian effectively rips the heart out of the Democrat agenda.

Reconciliation is a very narrow process, and the Byrd Rule requires that anything included in a reconciliation bill must deal with taxes and budgetary issues. You also have stipulations about deficit offsets that must be taken into account. You can not pass regularly legislative items under the guise of reconciliation.

Given that, this ruling essentially defeats HR1, the ProAct, and much of what is included in the current “infrastructure” bill. Of course, none of those bills were likely getting support from Manchin anyway, but with reconciliation off the table to get this stuff passed, Schumer is now officially out of options.

Of course, as I explained last week, don’t count some Republicans out in regards to handing Democrats what they want anyway, especially in regards to the infrastructure bill. Now is not the time for compromise. The GOP must buckle down and stand in the gap to stop the radical agenda Schumer and his allies are pushing for. If the Republican Party can’t do that, what’s the point of it existing?

Let this nonsense languish. Nancy Pelosi’s tears are edifying. Besides, I’m not even sure Schumer really wants this stuff to pass save the federal takeover of the voting system. That would mean having to own the terrible results. It’s easier to propose garbage, watch it die, and virtue signal about it.

end

Landlords lose after Court of Appeals tosses out its bid to resume evictions

(zerohedge)

Landlords Hosed After Appeals Court Tosses Bid To Resume Evictions

 
 
WEDNESDAY, JUN 02, 2021 – 08:25 PM

Landlords across the country, the least-pitied group of Americans, were handed a loss on Wednesday after  a federal appeals court in Washington DC denied a request to resume evictions amid a contentious dispute over a Centers for Disease Control (CDC) moratorium during the pandemic.

To recap, last month US District Judge Dabney Friedrich struck down the CDC moratorium on evictions, finding that the agency had overstepped its authority – yet agreeing to block her own ruling from taking immediate affect in order for the Biden administration to launch an appeal, according to The Hill.

In response, the plaintiffs – which includes the Alabama Association of Realtors and several co-plaintiffs – asked the DC Circuit Court of Appeals to lift Freidrich’s stay, which was denied on Wednesday in an unsigned order. The court added that the Department of Health and Human Services (HHS) had “made a strong showing that it is likely to succeed” in its appeal.

“HHS has demonstrated that lifting the national moratorium will exacerbate the significant public health risks identified by the CDC because, even with increased vaccinations, COVID-19 continues to spread and infect persons, and new variants are emerging,” wrote the court.

Enacted in September as a public health measure, the CDC order was designed to mitigate the spread of the coronavirus by helping cash-strapped tenants avoid homeless shelters or other crowded living spaces. The eviction pause was later extended through June.

Renters can demonstrate their eligibility for CDC eviction protections by signing a sworn declaration under penalty of perjury, attesting that they would face overcrowded conditions if evicted and certifying that they have made partial rent payments to the best of their ability.

A number of other judges across the country have ruled on the eviction ban’s lawfulness, with landlords holding a slight advantage in their win-loss record against the federal government. -The Hill

Over 56,000 eviction actions have been filed since the pause took effect last September – almost half of which were filed this year according to a study by the Private Equity Stakeholder Project of seven states.

END
 
FED/TAPER
 
The red hot housing input costs may bring the uSA taper closer to reality
Wes Goodman/Bloomberg)

From Fed To ECB, Red-Hot Housing Costs May Bring Taper Closer

 
THURSDAY, JUN 03, 2021 – 06:30 AM

Authored by Wes Goodman via Bloomberg,

Soaring housing prices may be what bring central banks to start tapering stimulus

Policy makers over the world are expressing concern.

Some of the highlights:

The BOE officials are indicating unease about the U.K. housing market as prices growing at the fastest rate since 2014.

ECB Executive Board member Isabel Schnabel said, “Rising housing costs are a burden for many people and may give rise to financial stability risks.”

She added, “We discuss how to better capture housing costs in our inflation measure. But we do not target asset prices.”

BOC Governor Tiff Macklem said recent gains in home prices aren’t sustainable and warned households against taking on too much mortgage debt because interest rates will eventually rise.

The Bank of Canada published a new house-price exuberance indicator that found Toronto, Hamilton and Montreal are experiencing episodes of “extrapolative expectations,” with Ottawa nearing that threshold. This means that more Canadians are buying homes with the expectations prices will continue to rise and so they are more willing to bid above the asking price.

At the Fed, some policy makers have said that when the central bank does start scaling back purchases, it should start with mortgage-backed securities, arguing that record-high housing prices are a sign that market no longer needs the central bank’s support.

As economies improve, central banks may have surging housing prices in mind if rising inflation leads to some tapering.

END

iv) Swamp commentaries/

Fulton County Election Officials Sure Are Acting Like They Have Something To Hide

 
THURSDAY, JUN 03, 2021 – 12:05 AM

Authored by ‘ShipwreckedCrew’ via RedState.com,

Last week, I reported on the developments in post-election litigation underway in Fulton County, Georgia, in which plaintiffs had obtained an order from a Georgia State Court judge giving them the authorization to inspect copies of 145,000 mailed-in absentee ballots from the November 2020 election.

Judge Amero has ordered that high-resolution copies be made of the 145,000 absentee ballots, while the originals will remain in the custody of election officials. But the copies should allow the plaintiffs to look for certain kinds of possible irregularities such as whether any ballots were machine marked and then copied in large numbers. Mailed-in absentee ballots should all be hand-marked by the voter.

The lawsuits are being opposed by officials of Fulton County, but Georgia Secretary of State Brad Raffensperger — who professed over and over again that the outcome of the Georgia Presidential election was was free of fraud — applauded Judge Amero’s decision.

In a statement, Raffensperger cited “a longstanding history of election mismanagement” in Fulton County.

“From day one I have encouraged Georgians with legitimate concerns about the election in their counties to pursue those claims through legal avenues,” Raffensperger said. “Fulton County has a longstanding history of election mismanagement that has understandably weakened voters’ faith in its system. Allowing this audit provides another layer of transparency and citizen engagement.”

A little more than a week has now passed since Judge Amero’s order, and some disconcerting events have transpired during that time.

Judge Amero’s order specified that the plaintiffs would be allowed to inspect high-resolution copies of the 145,000 ballots, but that the original ballots would remain in a secured county facility.  The details of the copying and inspection were to be worked out between the parties and the court.  In granting the motion to inspect the ballots, Judge Amero noted that no party had asked that the complaint be dismissed.

But after Judge Amero’s Order, on May 26 Fulton County filed a motion to dismiss the complaint.  In addition to claiming that Fulton County itself should not be subject to the complaint since the elections were run by the County Board of Elections, Fulton County also alleged the plaintiffs failed to comply with the statutory requirements for filing an “election contest,” and on that basis, the complaint should be dismissed.

Judge Amero had scheduled a meeting at the ballot storage warehouse to take place on May 27. In response to the motions filed on May 26, Judge Amero postponed the meeting.  He stated that the motions must be resolved prior to the court granting access and inspection to the ballots.

That is where the court proceedings stood as of last Friday. 

But that isn’t all that happened.

On Saturday, May 29, at approximately 4:30, an alarm went off at the warehouse facility where the original ballots are stored in a locked room. Security responded – more on that below – and found the warehouse door unlocked and open.  The storage location is at 1365 English Street, in Atlanta, which is the address for the “Fulton County Election Preparation Center.”

According to the website CreativeDestructionMedia.com, it conducted an interview with the attorney for the plaintiffs, Robert Cheeley regarding the events leading up to the alarm on Saturday.

Back on May 21, not confident in the security provided by Fulton County, Cheeley had arranged for off-duty police to sit in police vehicles and watch over the storage location.  Cheeley claims Fulton County attorneys complained to Judge Amero that the off-duty police officers were “intimidating” Fulton County Election Board workers because they were parked in the parking lot of the county building.  He claimed the Fulton County officials told the judge they might arrest the off-duty officers for “trespassing”.

To end the petty squabble, Judge Amero asked Cheeley to have his off-duty security park on the public street in front of the facility and not park in the parking lot.

Starting on May 25, Fulton County began to have two on-duty Fulton County Sheriff’s Deputies provide security for the storage location pursuant to Judge Amero’s order that they provide 24/7 security of the ballots until they were copied and inspected.

But on Saturday, May 29, both vehicles left the parking lot at 4:00 p.m. and were gone for two hours.  At 4:30, the alarm went off.

The alarm was noticed by the off-duty private security sitting in their car on the street.  They went to investigate and found the door unlocked and open.

According to Cheeley, it wasn’t until 8:00 pm that a Fulton County official arrived that the location to lock the door — a key was required to do so.

Cheeley received an email from an individual named Bob Ferguson, who seems to be connected to Fulton County or the Sheriff’s Office based on the contents of the email:

[h/t to Emerald Robinson and Newsmax who have been on this story since it first broke on Saturday].

May 22 and May 29 were both Saturdays, and the alarm went off both days.  If you look closely at pictures of the door, you can see there is no knob or handle on the inside, with only a deadbolt knob above the handle area of the door.  There is likely only a handle on the outside, without a latching mechanism, and the deadbolt on the outside is turned with a key.  If the deadbolt is not turned to the locked position, the door can simply be pulled open.

Cheeley said in his interview that he intends to file motions for contempt of court this week with respect to the County’s failure to comply with the Court’s order that the ballots be kept in a secured location.  Whether or not anything actually happened with regard to the ballots stored inside is likely a question that won’t be answered until the motions filed by the County are resolved.

END

v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories./ of the day

A notorious Russia-linked hacking group is behind the cyberattack against JBS, according to sources – The cyber gang goes by the name REvil or Sodinokibi…  https://t.co/Ah3MhLON6V

@Lukewearechange: These ransom attacks will never stop, they are using NSA tools that were tax payer funded and now they are used to reck havoc on everyone.

Stolen NSA hacking tools were used in the wild 14 months before Shadow Brokers leak
Already criticized for not protecting its exploit arsenal, the NSA has a new lapse.
     One of the most significant events in computer security happened in April 2017, when a still-unidentified group calling itself the Shadow Brokers published a trove of the National Security Agency’s most coveted hacking tools. The leak and the subsequent repurposing of the exploits in the WannaCry and NotPetya worms that shut down computers worldwide made the theft arguably one of the NSA’s biggest operational mistakes ever…  https://arstechnica.com/information-technology/2019/05/stolen-nsa-hacking-tools-were-used-in-the-wild-14-months-before-shadow-brokers-leak/

China Hijacked an NSA Hacking Tool in 2014—and Used It for Years
The hackers used the agency’s EpMe exploit to attack Windows devices years before the Shadow Brokers leaked the agency’s zero-day arsenal online… https://www.wired.com/story/china-nsa-hacking-tool-epme-hijack/

Housing boom may be cooling as weekly mortgage demand drops again https://t.co/xeVxW0QlY5

The cure for high prices can be high prices that arrest economic activity.

Eurozone Manufacturing PMI Hits Record High for Third Straight Monthhttps://t.co/p7MfRQTcxd

ESMs traded sideways during Asian and early European trading.  They commenced a rally after the US bond market opened at 8 ET.  This rally ended at 9:06 ET.  A pump and dump pushed ESMs to a negative reading at 9:38 ET.  But meme stocks went Tulip Bulbs on rabid guppy buying.  EMC soared to 72.62, +125% on the DAY!  AMC traded 754 million shares for the session!!!!  What say you, Jerome?


AMC going Tulip Bulb while Fed officials cowardly fear acknowledging bubble activities.

Per Bloomberg, AMC’s book value is -5.13 per share and EPS for the trailing 12 months is -15.69.  AMC’s previous all-time high was 33.51 in March 2015.  The stock fell below 10 in Q2 2019 due to the competition from Netflix, Amazon Prime, Disney, and other streaming services.  Why is it now valued over 6 times higher than its value before the Covid-19 pandemic?  A massive short squeeze!

AMC is the new king of Meme stocks, with a 3,000% gain this year – as retail traders ignore the company’s financial troubles and continue to buy heavily shorted stocks
https://www.bloomberg.com/news/articles/2021-06-02/amc-is-the-new-king-of-meme-stocks-with-gains-this-year

@charliebilello: AMC’s market cap of $33 billion is 70x larger than where it started the year and now above 260 companies in the S&P 500.

Fed’s Harker says it’s time to ‘think about thinking about’ tapering
https://www.reuters.com/article/usa-fed-harker/feds-harker-says-its-time-to-think-about-thinking-about-tapering-idUSS0N2N600V

Fed Beige Book Highlights

  • Continual Supply Chain Delays…Have Exacerbated Cost Pressures
  • Labor Demand Is Expected to Remain High, but Availability Will Be Restricted
  • Some Companies Were Unable to Increase Production Due to a Shortage of Qualified Applicants, Other Were Forced to Cut Their Operating Hours
  • Because of the Stronger Demand, Certain Firms, Such as Suppliers, Contractors, and Shipping Providers, Were Able to Pass on a Large Portion of the Cost Rises to Their Customers
  • In Coming Months, Contacts Expect to Face Cost Rises and to Charge Higher Prices
  • Price Pressures Increased Further Since Last Beige Book
  • Unlike in prior quarters, firms now expect general consumer inflation to be even higher than firm prices   https://www.federalreserve.gov/monetarypolicy/files/BeigeBook_20210602.pdf

After the Fed Beige Book was released, ESMs and stocks sank to new NYSE session lows.  After the 14:15 ET VIX Fix, a rebound materialized.  It ended quickly.  ESMs and stocks went inert from 14:18 ET until the last-hour rally attempt.  It failed within minutes; ESMs and stocks retreated into the range.  With 10 minutes remaining, another rally attempt occurred; it persisted into the close.

@FoxFriendsFirst: Former Princeton and Vanderbilt University professor @carolmswain reacts to President Biden’s plan to narrow the racial wealth gap, saying it is likely to fail and create more frustration and anger.  https://t.co/3V2KSuLYS7

Over almost 80 years, the USA has allocated trillions of dollars to fight poverty.  In many cases, the government largesse has made societal problems far worse (illegitimacy and family structure, etc.).
@BostonFed: “If you look at the research, almost all net job growth come from young businesses. Businesses older than five years cancel each other out and cut out labor costs. If you want job growth, you need to focus on young businesses,” Victor Hwang, founder of @RightToStart, said. “It’s the young businesses that create the new products that are the source of GDP. It correlates to lower poverty,”…

Google Diversity Head Said Jews Have ‘Insatiable Appetite for War’
In a 2007 blog Kamau Bobb had harsh words for Jews and the Jewish state
https://freebeacon.com/latest-news/google-diversity-head-said-jews-have-insatiable-appetite-for-war/

Joe Biden Says He’s Been in Office ‘About 15 Months’ — It Certainly Feels That Way
“Since January 20th, and we’re talking now about 15 months,” he said…
https://beckernews.com/2-joe-biden-says-hes-been-in-office-about-15-months-it-certainly-feels-that-way-39461/

Federal Reserve to begin winding down corporate bond holdings – BBG after the close
A Fed official says the central bank hopes to unload all of its corporate bond ETF and corporate bond holdings by the end of 2021…  https://money.yahoo.com/federal-reserve-to-begin-winding-down-corporate-bond-holdings-203004967.html

The Fed: Federal Reserve Board announces plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility – SMCCF portfolio sales will be gradual and orderly…
https://www.federalreserve.gov/newsevents/pressreleases/monetary20210602a.htm

Wuhan Lab Director Told NIH Conference (2011) of ‘No Regulation’ on Chinese Bat Virus Manipulation, Gain-of-Function Experiments.  https://thenationalpulse.com/exclusive/nih-hosted-wuhan-lab-director-asserting-no-regulation/

Dr. Fauci has a big problem and some troubling questions to answer – under oath – due to emails released under the FOIA.  The MSM and Dems are mum because they have a huge vested interest in Fauci. The MSM & Dems exploited Fauci’s policies for control and political power.  Now we know Fauci’s policies were largely wrong & fake – and he knew it.  Dems and the MSM destroyed lives, business, and cities.  They also put children through unnecessary and arbitrary hardships and torment.  Dems and the MSM hope that they do not have to answer for their venality.  Where is the GOPe?  If the Dem and GOP roles were reversed, Pelosi, Schumer et al would be scorching the GOP and Fauci vehemently.

@JackPosobiec: White House staff are actively discussing an exit strategy for Dr Anthony Fauci following the release of his emails yesterday, per WH official

@JordanSchachtel: So far, the Fauci FOIA emails show:
-He had some urgent, time sensitive discussions about gain of function.
Told colleagues retail masks don’t work due to size of virus.
-Ignored scientist who told him China was lying about virus and data.
Was well aware of possible lab leak.

Fauci Privately Advised Obama Staffers to NOT Wear Masks: ‘Not Effective’.
https://thenationalpulse.com/breaking/fauci-advised-obama-staffers-not-to-wear-masks/

@justin_hart: Fauci emails reveal what he really thought about masks! “Masks are for infected people…” “Typical mask you buy… is really not effective at keeping out the virus.” “I do not recommend you wear a mask https://t.co/q3buopts2k
    Fauci knew about aerosol transmission in February of last year. And yet… it was all masks-a-go-go for 15 months. THESE EMAILS WILL END FAUCI. https://t.co/wIRqUOcgLU
    It was recommended via email to Fauci that they limit lockdowns and isolations to only the 60+ crowd and other vulnerable populations to minimize disruption to society. He pawned it off to someone else to answer.  https://twitter.com/justin_hart/status/1399924098638049280

@JasonLeopold: Here’s a Feb 21, 2020 email to Fauci from a Weill Cornell Medical College associate professor of dermatology who wrote: “we think that there is a possibility that the virus was released from a lab in wuhan, the biotech area of china” Fauci fwds to a colleague: “please handle” https://t.co/ZjIZztCNU1

US Researcher [Daszak] with Ties to Wuhan Lab Personally Thanked Fauci in April 2020 for Dispelling Lab Leak Theory ‘Myths’  https://dailycaller.com/2021/06/01/peter-daszak-anthony-fauci-national-institutes-of-health/

Fauci Sent Panicked Gain-Of-Function E-Mails to Staff in Early COVID Days.
https://thenationalpulse.com/breaking/fauci-sent-panicked-gain-of-function-e-mails-to-staff-in-early-covid-days/

Researcher Who Funded Wuhan Lab, Admitted to Manipulating Coronaviruses Thanked Fauci for Dismissing Lab Leak Theory – Daszak, who also works for the World Health Organisation, is on record admitting that he was involved with manipulating coronaviruses. Here is a video of him talking in DECEMBER 2019 about how ‘good’ the viruses are for messing around with in a lab:
https://summit.news/2021/06/02/email-researcher-who-funded-wuhan-lab-admitted-to-manipulating-coronaviruses-thanked-fauci-for-dismissing-lab-leak-theory/

@HeatherChilders: We have 16 THOUSAND bat samples in a freezer in China that we collected on US Taxpayers money. I can’t work on them, but China can”- Peter Daszak, Sept 2020 WATCH
Daszak on Trump pulling NIH funding for #WuhanLab Gain of Function research. (At 1:12:44)
https://t.co/LhJHUswXu9

@themarketswork: [Fauci] “Paper you sent me says the experiments were performed before the gain of function pause but have since been reviewed and approved by NIH. Not sure what that means since Emily is sure that no Coronavirus work has gone through the P3 framework.” https://t.co/NNVH6f9Dsg

Fauci Emails Reveal Damage Control Scramble after ZeroHedge Spotlights Man-Made COVID-19 Theory  https://www.zerohedge.com/covid-19/fauci-emails-reveal-damage-control-scramble-after-zerohedge-spotlights-man-made-covid-19

The Australian’s @SharriMarkson: Scientist Kristian Anderson told Fauci SARS-CoV-2 has “unusual features” that “potentially look engineered”. Not long after this email, the scientists authored a piece insisting the virus was natural and Fauci said the same publicly. This is a massive cover-up.
    This email also says the genome of SARS-CoV-2 appears “inconsistent with expectations from evolutionary theory”.  Yet, other scientists who raised this same point were shut down and ignored, while journalists investigating it were accused of peddling a debunked conspiracy theory…
https://twitter.com/SharriMarkson/status/1399934149666934784/photo/1

An email to Fauci from Adam Gaertner @veryvirology with the subject line: Coronavirus Bioweapon Production Method – “Dear Anthony, This is how the virus was created…”
https://twitter.com/CarrollQuigley1/status/1399942014658035720/photo/1

Adam Gaertner @veryvirology: Apparently not identified in the FOIA documents yet: Covid-19 Mitigations (email to Fauci on Covid-19 cures and mitigations)
https://twitter.com/veryvirology/status/1399929949264388096

@RaheemKassam: Turns out the whole “asymptomatic spread” thing was a lie. Whodda thunk it? [Fauci: Most transmissions occur from someone who is symptomatic – not asymptomatic…
https://twitter.com/RaheemKassam/status/1399929300338479107

RCN WH reporter @PhilipWegmann: On 03/25/20, I asked Fauci about the WHO and Tedros praising China for their transparency. Fauci snapped at me, then apologized.  A week earlier, the founder of Bio-Signal Technologies warned Fauci that he believed China was lying to the world about their COVID numbershttps://t.co/dadI3yC8C1

‘Too Long for Me to Read’: Emails Show Fauci Ignored PhD Physicist Warnings over Fake Chinese COVID Datahttps://t.co/bHG2bIU6DQ

@SKMorefield: Anthony Fauci received the best advice he could have possibly been given on March 14, 2020 (presumably from UPenn researcher Michael Betts??), replied “thank you for your note,” and proceeded to devastatingly ignore every single bit of it. https://twitter.com/SKMorefield/status/1400101507358470152/photo/1

Fauci Colluded with Mark Zuckerberg on Facebook COVID-19 ‘Information Hub,’ Emails Show
https://thefederalist.com/2021/06/02/fauci-colluded-with-mark-zuckerberg-on-facebook-covid-19-information-hub-emails-show/

@JackPosobiec: We now know Mark Zuckerberg was influential in both promoting the COVID lockdowns early on in 2020 and then funding COVID-voting operations that aided Democrat areas.  At the very least we need to ask why one person who no one voted for has this much sway over our country.
https://www.buzzfeednews.com/article/nataliebettendorf/fauci-emails-covid-response

@JordanSchachtel: Gates comes up 30 times in the Fauci emails. That doesn’t include the various non profits he controls. Bill Gates is not just an oligarch, the situation is much worse. He has no competition – a total monopoly over “public health.”

@justin_hart: This is how the sausage is made folks. Here’s @DrMarcSiegel kissing up the Fauci. He sung his praises on FoxNews and is keen to make sure Fauci sees ithttps://t.co/9r9Y5vqmFI

Ex-Deputy DNI @Cliff_Sims: Historians will be so confused by the media’s lionization of Fauci. Once politics of the moment are removed from the equation, Fauci will be seen as having been consistently wrong, disingenuous, self-aggrandizing—and possibly much, much worse (gain of function, etc.)

@zerohedge: An movie script here waiting: we have Covid, the Council on Foreign Relations, Bridgewater, Ray Dalio Investing in China, and Obama’s HHS director all in one email & I obtained via FOIA  [“Ray Dalio and Bridgewater are interested in making a very sizable donation to help China deal with the global public health challenge arising from the new coronavirus.”] https://t.co/AomBDQ6W6y

@MorningAnswer: The #Fauciemails remove any doubt that Fauci was part of a cover-up. We know who we was covering for. The only question that remains is what did he get in exchange?

@AlexBerenson: You can tell just how bad the Fauci gain-of-function emails look from the fact that the CNNs and MSNBCs aren’t even trying to debate them, they’ve just gone full ostrich and are hoping they’ll go away.  Spoiler alert: They’re not going away.

@tomselliott: ABC’s @KyraPhillips to Fauci: “I want you to know how much I have respected you professionally and medically for nearly 20 years.”  Note she promises her reporting would “never … jeopardize you in any way.  https://twitter.com/tomselliott/status/1400018344330371074

@EmeraldRobinson: There was not even one reporter today in the press pool who had the courage to ask the White House about Fauci’s emails.

@EmeraldRobinson: The GOP should demand a commission on the Wuhan lab leak with a focus on investigating federal employees who collaborated with China to suppress the truth to the American people. Fauci and his helpers must face criminal and civil penalties.

Fauci’s upcoming book scrubbed on Amazon, Barnes & Noble amid backlash
https://justthenews.com/politics-policy/coronavirus/faucis-upcoming-book-scrubbed-amazon-barnes-and-noble-amid-backlash

@seanmdav: Fauci waited two days before giving Liz Cheney the stiff arm and telling her he was too busy to talk to her. But when Morgan Fairchild e-mailed Fauci, he responded within hours. Fauci responded to a random anti-Trump e-mailer before he responded to Cheney.
https://twitter.com/seanmdav/status/1400173183697928199

Washington Post issues ‘correction’ on 2020 [Sen.] Tom Cotton story claiming COVID lab-leak theory was ‘debunked’ – Much of the media dismissed the lab-leak theory last year after it was floated by prominent Republicans   https://www.foxnews.com/media/washington-post-correction-tom-cotton-covid-lab-leak-theory

@DineshDSouza: In a 2017 video, Fauci predicted there would be a “surprise outbreak” during the Trump administration.  https://t.co/kuWUNRSndO

@EmeraldRobinson: The person most responsible for unleashing the Fauci fraud on America is @OliviaTroye who was VP Pence’s “COVID advisor.” In a recent article, Troye explains how her job was to misinform the Trump Admin at every turn.  Troye writes that the lab leak theory was so dangerous a threat to the IC that “ultimately CIA Director Gina Haspel intervened to defend the integrity of the intelligence community & insulate it from political pressure.” How would she know that?  In Sept. 2020 @OliviaTroye was fired by Trump Admin after someone finally figured out she was another NeverTrumper on Pence’s team. Almost the next day, Troye started an anti-GOP org. Then she publicly voted for Biden. While claiming to be a Republican.
https://thebulwark.com/how-the-trump-administration-twisted-coronavirus-intelligence/

The Trump CAMPAIGN was perfect. It was the PRESIDENCY where things fell apart.” — Ann Coulter

@EmeraldRobinson: Connect the dots: @T_S_P_O_O_K_Y told us AG Bill Barr called him to STOP investigating 2020 election fraud. @OliviaTroye STOPPED anyone in Trump Admin from pursuing Wuhan lab leak theory. DNI Ratcliffe told us “CIA Management” STOPPED intel on China’s 2020 interference. The problem for our national security officials is that they told themselves they would hide China’s role in 2020 election interference just to “get rid of Trump.”  But Trump’s gone now & they’re still helping China.

Bloomberg Quicktake (@Quicktake): Biden calls on Americans to “come to terms with their dark sides” to address the systemic hate that rose from the 1921 Tulsa race massacre. “We can’t just choose to learn what we want to know and not what we should know,” he said  https://t.co/2ixnNTeCV9

@RudyGiuliani: Is there a day that goes by that Biden doesn’t attack our country as a systemically racist, ie., evil country?

Biden Makes a Beeline for Two Little Girls in Middle of Speech to Promise Them Ice Cream https://t.co/nvzQBhBT0b

Hunter’s ‘stripper’ baby mama was an assistant at HIS firm and after she had his baby he kicked her off company health insurance – disproving claims he had ‘no recollection’ of her
https://www.dailymail.co.uk/news/article-9641655/Hunter-Bidens-baby-mama-Lunden-Roberts-employee-firm-texts-reveal.html

DC’s Democratic House delegate calls for male AND female dummies to be used in crash tests to ensure ‘gender equality’  https://t.co/lcN0mOokAA

@JackPosobiec: A paid FBI informant claimed a man went into the Capitol due to Facebook messages. But photos and cell data showed he didn’t. Charges were just dropped due to lack of evidence.  What is going on here?

Prosecutors seek to drop first Capitol riot case – The case against Christopher Kelly of New York City is the first of nearly 500 stemming from the Capitol to collapse for lack of evidence.
https://www.nbcnews.com/politics/justice-department/prosecutors-seek-drop-first-capitol-riot-case-n1269239

Schumer-aligned dark money group faces IRS complaint over attempt to suppress GOP voter turnout – Deceptive Facebook ads targeted Republicans, including Sens. Josh Hawley, Mike Braun
https://www.foxnews.com/politics/schumer-aligned-dark-money-group-irs-complaint

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I WILL SEE  YOU FRIDAY NIGHT

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